Huge Upside FLT Valuation Post Convertible Exercise (AGM) / SHORT SQUEEZE DANGER

Flight Centre Travel Group has raised $400M by issuing 2,000 senior unsecured unsubordinated convertible notes to eligible investors on Singapore Stock Exchange (SGX) on 11 November 2020. Convertible strike price is $20.04 ALREADY IN THE MONEY. $100M has been used to pay back existing debt, and the rest has been used to strengthen group's liquidity. As set out per AGM 2021 happening next week, if investors exercised those notes, the company would issue:

(b) up to 25,331,887 fully paid ordinary shares in the Company upon a change of

control on 20 October 2021 being the date of the Company’s Annual General

Meeting; or

(c) 19,960,080 fully paid ordinary shares in the Company in ordinary

circumstances, subject to adjustment in accordance with the terms and conditions of the Notes (further set out in the Appendix A).

This means $300M worth of debt would be wiped out from it's long term liabilities. How does that imply to share price?

Current Net Asset Per share - $4.80
Net Asset Balance FY 2021 - $956,036,000
Net Asset Balance Post Convertible Exercise - $1,256,036,000

Scenario (b)

Net Asset Balance Post Convertible Exercise - $1,256,036,000
Divided by
(Current shares outstanding - 199,000,000 + 25,331,887 = 224,433,887 Shares Outstanding
= $5.59. 16% Increase in Net Asset Value Per Share

Scenario (c)
Net Asset Balance Post Convertible Exercise - $1,256,036,000
Divided by
(Current shares outstanding - 199,000,000 + 19,960,080 = 218,960,080 Shares Outstanding
= $5.73. 19.375% Increase in Net Asset Value Per Share

If this happens on AGM next week as per document short sellers are in dangerous territory for running to cover due to either 16% or 19.37% price jump. Reduction of long term debt plus momentum from retail buyers excitement for travel stocks could spike this up. Source of info :

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02422751-2A1324019?access_token=83ff96335c2d45a094df02a206a39ff4

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02412228-2A1318466?access_token=83ff96335c2d45a094df02a206a39ff4