I wouldn't say there is overhang due to the convertible notes. RAB yes, notes no. The unconverted shares can't be sold yet. Count those conversion shares as future dilution and the share price still looks very cheap. Worst case is that Lehman sells the notes to another party. Should not affect the agreement that is in place.
The main problem is RAB has been selling into any demand for a year.
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I wouldn't say there is overhang due to the convertible notes....
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