Questions..., page-217

I'm not sure its totally a given that all $225m bonds will be converted. There have been 150m warrants slowly absorbed by the market since March and there are a lot of sellers in the market at the moment. Obviously much of the trade recently has been short term day traders. As WW1 pointed out the SP is at 10.5c because thats what the market thinks its worth, despite hundreds of funds looking at LYC every day.

There are still 350M warrants to come, so to simply presume 3500M shares will find a long term home is premature. September 2020 is a long time off, but 3500M shares is a lot of stock too.

What I do agree with you about is that unless smart people can figure out another option as/if the story improves for Lynas the bonds will be converted before cash flow allows for a purchase of bonds.