Post above incomplete.
A reminder j6. The last time the con note holders extended, they did so at a conversion premium of 25% (62.5 c CP v 50c SP) - no one discussed the elephant in the room at the time, that being the conversion price had been reduced from the original 80c to 62.5c , i.e. greater dilution at conversion.
Ignoring that (you shouldn't btw), by your logic, RCF/Pala were happy with this result. In the 12 months following, the price has dropped 50%. I know I'm picky, but that is not good value and certainly nothing to be happy about. It also provides evidence to refute the original supposition that they saw upside in the PEN scenario.
The same is true this time around, except now there is a technicality (low pH processing) that is being used to fluff up statements like "it also underlines the potential share price upside."
Ann: 2 Year Extension of Convertible Loan Facility, page-18
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