Unlike the just completed MIS conversions the TREES2 are debt...

Unlike the just completed MIS conversions the TREES2 are debt and a contract is in place. I can't see any wiggle room for GTP in the contract, but hey they probably have really good lawyers looking for a way out.

Here are some details:
Update on TREES2 from prospectus
Pg 55 Coupon payments are at directors discretion
but if they don't pay that is a trigger event. Pg 58 6.3c
There are two more coupons owed, end April and October.

Pg 60 6.7 Conversion
conversion number is face value/VWAPx(1-CD)
=$100/.11x(1-.05) [.11 cents is the current price, VWAP is value weighted average price at conversion]
= 957 shares per TREES2

current number of trees2
latest notice http://www.asx.com.au/asxpdf/20090213/pdf/31g1bx1p5qmm0y.pdf

Based on current price then TREES2 798,736 would convert to 764,340,669 shares, yes that is 764 Million!

compared to current issued shares of 637,049,494

Going back to my first post in this thread, if you include that dilution and a 50% reduction in NTA, then NTA per shares is around .135 cents.

WOOPS, I forgot to add back in the TREES2 debt. If they are converted then the liabilities reduces by $80M or 5.7cents of the expanded share base, so NTA of 19.2cents.

THEN there is TREES3 GTPGB to add in!

see what mikes100 said. Does anyone have a good idea on the value of the land? What is their book price for the land?

brain hurts, time for coffee
NOTE: All my numbers above are not meant to convey any certainty. The largest factor is what are the assets actually worth. Sadly the company would have a good idea, but are not sharing that investors. As I said 60% discount and poof no assets while a 40% discount almost doubles NTA