Sorry mate - everything I’ve researched describes exchangeable notes typically converts via shares and not cash. Comes up time and time again. Settlement by Cash is possible but unlikely and is to be clearly articulated in specific terms negotiated between the issuer and the investor (if that is the case)… however it’s rare.
If you think opposite then spare us the time and share the direct reference links as opposed to your own personal thesis. I’ll wait whilst I compile all of my reference links.
keep trying ….
HASR, page-17
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