In 2 years and 2 months...when this crisis has well and truly...

In 2 years and 2 months...when this crisis has well and truly passed...EPG will either be a robust CBM producer in the middle of Europe or bankrupt. This would be the case whether they had the convertiables or not. The reason for bankruptcy would be that the idea - extacting methane from coal in France - proved unfeasible. Given we are already producing in the area, that seems very unlikely. Also, the guy who wrote those convertible notes - a billionaire hydrocarbon tycoon - would not have written them if he did not think it feasible. In two years, if the concept has been proven - and given the size of the potential resource already indicated - those convertible notes will be small change relative to market cap. In short, the convertible notes at this time are an irrelevancy (apart from the ability to pay the coupon).