JR,Not sure what the XR means for the conversions into the...

JR,

Not sure what the XR means for the conversions into the future, and quite frankly, I don't think it matters a great deal. Maybe PA can offer some insight here.

What motivates them to sell now?
The debt is due to be repaid in full by Aug this year, with any outstanding principal (+ interest) to be repaid over the last 5 qtrs. If they don't convert now, they never will be able to...assuming NDO can pay down the balance.

But what benefit they get from the conversions is a little hard to say, especially if you consider that if they converted the whole 114,307,091 shares and sold them at say 20c, they would only raise AUD$22.86M, ie recoup their principal, and have to be happy with the interest that NDO have paid over the years.

Keep in mind that the Bank of America swallowed Merril Lynch during the GFC and retained it as their "Wealth Management" Division. Perhaps we need to look at what may be the Bank of America motivations.