fact:"any conversion to ordinary stapled securities would be...

fact:

"any conversion to ordinary stapled securities would be subject to number of conditions, including approval of Centro ordinary shareholders'

I don't know how else to read this.

as I said on my other post, I believe the finance structure is sound. What they have put in place is a great compromise for all stakeholders.

I do not think that GR or shareholders will allow the conversion at maturity if the share price is $1.00, hence the condition above. (read my other posts on 'puzzle solved')

Now it is really up to the operating business and how it peforms.

Ptialv, just post what you believe is right. I can see the logic behind what you put and does make sense to me (but you need to remember the convertible is treated as non-current liab so that changes your calc a bit). But the key from now is how the business operate and the view you have on the business.