"I see the maths as quite different, RLEOB have a 14c conversion cost plus the 1.9c conversion from RLEOAs to Bs, then add the 0 .75c received from sale of RLEOAs(2.5 x .3c). All up 16.65c, so the question is does he think its worth that much when they mature"
No OW,
The real question is, is he indeed asking that question! … or is it just you postulating he is?