Assuming GNSPA steps up like AAZPB, rate of return to say Oct...

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    Assuming GNSPA steps up like AAZPB, rate of return to say Oct 2009 is 37% per annum. Assuming a worse case of exchange to say Jan 2011, the yield reduces to 23% per annum. Clearly, if GNS exchanges for equity in October 2008, you buy 85.5 today and get 105.77 value back in 2 months. This is 142% per annum annualised rate of return. Step up at least 50/50 chance and rate of return around 37% per annum my best guess. I bought again at 85.5
 
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