Daily Price Movement / General Discussion, page-17886

We have been through this before. Your numbers are way off and you clearly don't understand the structure or how the note works.

Note holders, have an exercise price of $194. They would exercise above $194 and take whatever gain that is. The forecast rate rise is end of 2022 to 2023. The Note is 5 years (2026).

If the APT share price does not go above $194, they simply get the $1.5bil back as cash. So the only risk they take is that APT not having that cash or not being able to refinance that debt PLUS the opportunity cost of the lend over the 5 years.

The only risk to shareholders, is the dilution event which from memory is somewhere around 4.5%- (I'd have to do the math's again) or refinancing cost should APT not be generating free cash. In 5 years time we will have a pretty good idea of whether APT will be successful or not.

Fierce competition is here today. I don't know what rock you live under.