From the Sparc's announcement, in detail at the clause I keep...

From the Sparc's announcement, in detail at the clause I keep repeating:

"Bonds may also be Converted by Bondholders upon a Conversion Event or at any time if Conversion is
to occur at the Minimum Exchange Number."

Notice the at "any time". Minimum exchange number if passed is AUD $0.175. Means conversion can happen a few days after they that yes at AUD $0.175, not 12 months down the track or at a reset date.

Please prove me wrong. This is very important, because there is usually a lag between an asset sale announcement (sp rise) and the cash, as we know. Under a "at any time minimum conversion" it is my understanding that the company must issue a conversion notice within two NZX business days from receipt of the request (whether to pay cash or issue shares).

Just be aware a yes vote does not necessarily save you from dilution on asset sales. Sparc holders can get their shares at AUD $0.175 at any time, when the company cannot pay them cash.

Got to get the Mrs, but please have a think. IMO I have read it right, but I could be wrong.

Cheers