I was thinking the same at first look , but on the flip side could the seller of the con notes could have a negative view on the company's cashflow and want to convert the notes to shares so can then sell on market all be it at a discount to monetise the investment ?
The quarterly did however look like sales were rising compared to PCP which has to be a good thing one would think although there was no activities report to verify that .
Ann: Appendix 3B - Conversion of Convertible Notes to Ord Shares-ABV.AX, page-3
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