Its not about the interest. Its about the dilution.
These guys can keep converting and unwinding until 0.8c, maybe lower if ESI doesnt have the choice to rescind the deal.
At the start, a standard $250k note would dilute ~12M units, today its ~17.4M and at an ESI price of 1c its ~31M.
To date, the cost of the LJC notes on shareholder dilution has increased 45% and the total market cap has fallen $6.8M and now that the FPO's have fallen below the options strike level, they may even lose another $8M-$9M in cash they could have accessed.
But they did save on brokerage.
esi here we go here we go here we go ........., page-50
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