towie : help please on nlxg

Hi Towie,
I have been following your knowledgible posts on NLX.

I just want to check that I have undestood the terms of NLXG conversion correctly:
The maturity (8 Dec 09) face value is $1.84
The holder has the option to spend this redemption of $1.84 on NYX shares at a price of the lesser of $1.84 or the 30 day prior VWAP.
The holder can also convert by giving notice at least 5 days before any qtr end.

Is this correct?
If so it is like getting a free 3 year option exercisable at $1.84
The way NLX is headed this could be well in the money before then.

Appreciate any comments.
Chees,
Cloudstreet