Hi BTW,
Have a read of: 02/11/2012 - New Financing for QMC
http://www.asx.com.au/asxpdf/20121102/pdf/429ytt5yd1c0j5.pdf
"Subject to shareholder approval (if required), on repayment PNG can elect to convert at 4 cents per share."
I anticipate PNG will want it in shares.