SPARCS holders get screwed if they convert. VWAP of 4 cents, but not entitled to capital distribution, so they would face a 95% loss witht the shares worth .2 of a cent. So there will be no conversions left by the time everyone realises this and withdraws their conversion requests.
Still, getting $1 back next November vs not getting anything back at all. That is nothing to cry about and 10% along the way as well.
