My observations/questions on the REX announcement:There is no...

My observations/questions on the REX announcement:

1. There is no mention of the coupon interest rate that the convertible notes will attract pre conversion.
2. I assume the choice on conversion or redemption of the convertible notes sits with PAG rather than REX. I assume conversion is not mandatory.
3. What date does the conversion option occur?
4. What are the events of default?
   
5. If B737 trunk services are a success, PAG wins in a big way, existing REX shareholders win in a smaller way. If they are not a success, PAG has the security of the REX regional business and aircraft to shelter its losses, existing REX shareholders loose big time.
6. I assume that funding the expansion is beyond the ability of existing shareholders? If existing shareholders could fund the expansion, they could keep all the upside.
7. REX suggested back in May that $200m of additional equity was required for the Golden Triangle services. Assuming convertible notes count as equity, does this mean existing shareholders are also going to be tapped for a $50m equity raise? Admittedly the $200m was an estimate - is this still the estimate?