the first 5000 went through before the announcement and the...

the first 5000 went through before the announcement and the other 5000 after.

My calcs have the notes worth about 40c still, or 60c in the dollar.

Based upon Net assets now worth negative 30m
80m of debt to be converted into equity.
So new Net Assets then 50m

Debt holders would be getting 50m/80m or 62.5cents in the dollar of NTA upon their conversion. That assumes equity is worth zero. That is best case scenario for debt holders and worst for ords.

If for example Debt holders accepted 60c in the dollar of NTA then that would mean new Net Assets 50m, total equity 83m, valueing the ordinary shares equity at 3m, with 204.8m shares on issue the SP is around 1.46cents!

Happy to be corrected but it looks pretty dire for those ords

DYOR