Average share price over five days is 0.0288. If tomorrow, the...

Average share price over five days is 0.0288. If tomorrow, the SP can hang around 0.025 and 0.026. The average share price over five days would be around 0.028. If the bond is converted, it will give HL another equity ownership of 5.7 per cent. HL presently holds 14.07 per cent. After the conversion, HL will own 19.78 per cent.

This is the right time for HL to convert the bond. If the average price is 0.025, HL may need to launch T/O bid based on the following rule.

Any one who wants to own more than 20 per cent of SDL required to launch T/O bid based on Australian Corporation Act
https://www.allens.com.au/pubs/pdf/ma/takeovers-handbook.pdf