The conversion price is effectively fixed at circa 62c, unless...

The conversion price is effectively fixed at circa 62c, unless there are certain corporate events - ie. share dilution or consolidation then there are set adjustment criteria.

The conversion price is only relevant if the company doesn't pay the 'debt' or AusSuper requests shares 3 years after election of the note.

Going back to my earlier post on this topic, the primary reason for the change in terms was that the company wasn't in a position to be able to execute the Series 2 notes as they hadn't organised for shareholder approval. There is a side benefit for the company in that the 3.5 year clock and 8 year maturity clock doesn't start until the notes are elected.

Just to make this a bit clearer, assuming no changes in share structure and we convert the full value of the convertible notes to shares then the numbers look like this:

• Series 1 - 46.7 million shares
• Series 2 - Nil (due to change in terms)
• Series 3 - 160.4 million shares

Below from the presentation 18 November 2021, there are other details in the explanatory notes of 18/11 and 27/10 but it really just confirms the below and that Series 2 and Series 3 are now combined as Series 3.