Have a look at the weekly or monthly chart, both LYC and RE...

Have a look at the weekly or monthly chart, both LYC and RE price are still close to the rock bottom, A long way from the historic mean, never mind the peaks.

Check the QRs, the breakeven price for LYC is $32 in Q2FY17. Assuming $61 is the average price for this quarter, LYC will have US$100m at the end of this quarter, including $50m from operation, $35m existing cash, and $15m receipt from warrants. It is also likely that the 30 day vma will cross the 16c mark.

So, what going to happen at the end of this quarter?
Scenario 1: A notice for the bond holders, and then all the bonds are converted. LYC has a net of only $85m by Sep 2017.
Scenario 2: A notice for the bond holders, by the 19.99% role, MtK can convert only $50m. Then, LYC will has a upper limit of 5b shares rather than 7b. At current RE price, $335m debt should not be an issue.