so you receive 12% (ie 3% per quarter) on 60c, then in 2006 you can cash the notes in for 60c, or you can choose to take a share per note. So, if the fpo is greater than 60c then you are better off to take the share, correct?
If so, where's the catch and why are the notes trading so cheaply? Even if I bought at $1 offer, for say the next 3 years I would receive 36% of 60c = 21.6c (3 years x 12%). So my total cost per share is 78.4c, and the share is currently trading 89c. Doesn't sound too bad to me. For your 59c, you got yourself a bargain.
