sparcs conversion figures due on friday, page-4

the company said this. They said more than 70% of the noteholders were happy to rollover to the new terms. These were the major holders of the bonds. The rest I imagine was held by retail investors.

The meeting of SPARCS noteholders to agree to this will be held in early May. It needs 75% to pass as it requires a Special Resolution to change a Trust Deed.

A friend of mine with these showed me the letter they sent in the mail regarding this. It was so vague, with no conversion notice even attached in the letter, that I would be surprised if any ordinary investors chose to even bother to reply, let alone request a conversion. Unless someone in the above 70% is lying, I expect conversion to be very minimal.

Share price has traded up even since it was signalled that the SPARCS noteholders would defer their conversion rights. I suspect the market has priced in that there will be very little conversion.