Hmmm...
For a first post, that was a doozy!
I would have thought that the dilutionary effect of the notes would be factored in by the market, whether or not they are actually converted. I believe they can be converted at any time, not just at reset. If I thought I was the only noteholder redeeming, I'd do it. If I thought it would precipitate receivership etc, I wouldn't.
Top Twenty Convertible Notes
AS AT 31 August 2015
Column 1
Column 2
Column 3
Column 4
0
Twenty Largest ConvertibleNote Holders
Number ofConvertible Notes
% of issuedConvertible Notes
1
1
HSBC Custody Nominees (Australia) Limited
7,348,200
30.94%
2
2
UBS Nominees PL
3,163,928
13.32%
3
3
VSI Hardware PL
870,000
3.66%
4
4
Citicorp Nominees PL
815,000
3.43%
5
5
Aust Executor Trustees Ltd-Charitable Foundation
780,032
3.28%
6
6
Seyma Lederman Private An
750,000
3.16%
7
7
**riel Berger
526,800
2.22%
8
8
Deniliquin Pharmacy NSW PL
417,000
1.76%
9
9
Berger Equities PL
280,700
1.18%
10
10
James Ian Drysdale
250,000
1.05%
11
11
Aust Executor Trustees Ltd-BIPETA
170,448
0.72%
12
12
Rijean PL
154,461
0.65%
13
13
Due DI Due PL
150,000
0.63%
14
14
John Matthew Rogan
150,000
0.63%
15
15
Corinne Calvert PL
150,000
0.63%
16
16
Wayne R & C M James
150,000
0.63%
17
17
Brisan Projects PL
125,000
0.53%
18
18
Yee Teck Teo
120,000
0.51%
19
19
Badgworthy PL
110,000
0.46%
20
20
Yee Lan Teo
110,000
0.46%
21
Totals
16,591,569
69.85%
AZZ Price at posting:
50.0¢ Sentiment: Buy Disclosure: Held