All good Fish, to be honest 3B's are normally pretty boring and I don't generally read them in detail either.
Everything else you said was spot on though ... and correct, interest is no longer payable once the notes are converted to shares.
As you mentioned (good way to look at it), anyone who holds these notes for 5 years essentially has half of their investment paid for over the term due to the 10% p/a interest rate.
Pretty good investment if you ask me !
Ann: Appendix 3B, page-12
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