convertible notes

When the company issued 76 convertible notes back in August 2010, the blurb indicated the initiative protected shareholders' interests and was pursuant to the 15% rule (I believe this means they didn't need our approval as the issue would amount to less than an additional 15% of available stock and hence not over-dilute). Given the recent collapse in CKK share price, noteholders can now convert each note into a bucketload of shares at 20% less than the market until they expire in a couple of months (I believe). I haven't done the maths, but I wouldn't be surprised if this total amount could exceed 15% if remaining notes convert and the price stays low. Does anyone know - is ithe final proportion of new shares ever reconciled or instead is the figure solely based on the 'as was' share price 16 months ago and there is nothing to be done?

And as to protecting shareholders... the initial conversion rate for the notes was 22c / share for the first 6 months and would now be somewhere closer to 4-5c / share with the 20% discount to current share price. With this in mind I can only speculate that if CKK made contraceptives (another form of protection) then there would be a lot of unplanned pregnancies out there.

I'd like clear and full news on progress and plans.

Please correct me if any of the above (concerning the 15% rule and convertible notes) is my misinterpretation. I am no expert in this area.

Regards

Elisby1