IMO:
If CLZ were concerned about the Conversion Note holder/s they would have requested voluntary suspension from the ASX, not the best outcome but given the SP has been smashed and that smashing benefits the CN holder/s haven't they requested this?
That's the ANSWER we need!
Who are the CN holder/s?
Are they related parties in some convoluted way? Etc....
Refer paragraph 2.10. Usual conditions in certain takeover situations for when/if the CN holder/s hold 75% or more of CLZ:
https://www.asx.com.au/documents/rules/gn33_removal_of_entities.pdf
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