If Bass does convert into shares, and there seems to me there's no other more attractive or feasible option (except to voluntarily extend the repayment deadline), it's not all bad.
I would do exactly that in Bass's shoes.
And I wouldn't flood the market with them, as happens after many CRs.
In fact I'd hold and be keen to increase their value, for the ultimate bonanza.
I still assume Bass is convinced of the ultimate value of this project, as I am.
A transformatory Ann could well be in the pipeline. And a string of useful news and monetisation.
Were very much riding on Bass"s beast here.
Though he'll have scored a scorcher with 4c shares in this case, ultimately we win together.
