First, the company can trigger the conversion at any time now. I...

First, the company can trigger the conversion at any time now. I don't understand why they did not do it immediately after the AGM.
Second, they can refuse to issue any shares that take HL over 20 percent. However, if they don't do something soon they might finish up both with HL holding 20 percent and also have to redeem some cash. I really cannot believe how incompetent they have been in dealing with this matter