My understanding of the convertible bonds is that they can only...

My understanding of the convertible bonds is that they can only be converted to shares by the bond holder and they would never convert at the current conversion price which would be around 40c US per share (initial conversion price was 52c US and a floor of 80% of the initial price).

That means HZN are going to have to stump up with the cash. I think a capital raising may be required and the reason for the current share price is that the market is expecting a capital raising.

Anyway, I bought some more today and am prepared to hold as the fundamentals are so good. If they avoid a capital raising, it will bounce and I'll be sitting on a tidy profit from todays price. Worst case is I'll have to buy a few more if they do a capital raising in order to not get diluted. I'm only wading knee deep, so that's fine.