gnspa, page-5

Things to note - out of interest!
GNSPA is $120M, so if they redeem the current FORESTS, and re-issue at a lower margin, saving millions of dollars of interest per year. Option but they need the $120m to do so and should have already done it!!

Of more interest and $$ saving for GNS is the following:

The maximum number of shares that GNSPA can be converted to is 421.7, and the least is 19.2 (adjustable for future share issues).
This means that if GNS has a VWAP of under 23.7c, and it is a conversion date (a day when interest becomes payable,
January, April, July, October), then GNSPA holders may receive less than $100 of shares.

Doing this under 23.7c, they would lose credibility and find it very difficult to ever issue hybrids again.

However on these calcs I beleive thats still a outcome of $84.34 at current market pricing. Seems a good exit out clause doesnt it for GNS!