Whilst I think it's a good sign that he exercised his right to convert the notes, the more important question IMO is why did he convert them so soon when it actually expires in June 2017. He could have easily just continued earning 11% interest until June next year so IMO, something's up.
My guess is that it could be a rights issue. That would explain why he converted the loan to shares so that these additional shares would qualify for the rights issue.
Any other ideas?
Ann: Finalisation of Convertible Note-PEH.AX, page-25
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