Notes have been converted because now is the best conversion...

Notes have been converted because now is the best conversion rate that can be($0.01) ie 13.5 to 1. It can not be lower than this as per the deed. The ones who have converted have made a judgment that the risk of the coy. going out of business is relatively small (at least for a couple of years) and there is an immediate profit in converting if they sell (30% at the moment) or a very good chance of substantial gains if they hold after converting. I actually thought there would be more conversions than there have been. (See thread 1.4cents how much lower can this go).

The big guys (Harmony et al) obviously want to keep their secured notes for security in the longer term (they wouldn't be able to sell all the shares they convert anyway) but the smaller holders who have converted are looking more to make some money. It is not unlikely that the recent substantial number of sells at .014 and .013 are some of the shares (24million) converted. Why would holders and recent purchasers who have purchased at or above .013 sell at this price unless in desperation? They will want to hold and make a decent profit if they can - it is most likely that these sellers are from the converted notes.

MST is no longer publishing the top 20 of each share category (Hmmmm....) so we can't see if any of the top 20 have converted but I would be willing to bet that some of the smaller holders in the top 20 have done so.

My former prediction was that there would be a bit of a dip (around .013) while some profits are taken from converted notes, but after they have washed through the system the trend would be up once there is a good announcement. At the moment, the trend is following my prediction and I still hold to it and still think that now (.013) is a good time to buy. My expectation is that once these sellers have washed through the system, there will be very few if any people wanting to sell at or below the current price except in desperate circumstances. On the next good announcement (c'mon Lee) there will be a spike but when it comes down after the spike (as it always does) I would be very surprised if it gets back down to current levels again. The average price on the last spike day was just over .017 when a lot of shares were traded. The purchasers of these who have not sold already will be holding out for a profit, so at this time my guess is the sp won't be coming down much below the .017 mark after it has risen above it on a spike. It could be much higher if there is a really good solid announcement.

... so I stand by my view that now is a good time to buy for a chance of a good profit or to average down your shareholding costs if a long term holder. I have.