The convertible notes conversion rate is reset every 20 March by...

The convertible notes conversion rate is reset every 20 March by using the VWAP for the preceding 10 days. However, the reset value can not be less that 65% of the previous value. i.e. If the rate now is 54c, the rate at 20 March 09 will be approx 35c.

As an aside, I never liked how IDL provide very little information about Huddy's in their reporting & have been weary as a result. This is their major cashflow that keeps the interest paid & grows the rest of the business. I hope this doesn't bring the business down. They do after all have a very high debt.