Ann: Industrea buy-back of convertible bonds wort, page-10

re: Ann: Industrea buy-back of convertible bo... Baffeling to say the least and has to raise some sort of suspicion. Trouble is whats the game ?

I am too dumb to figure this out. Capping to gain more shares no doubt but why ? And where do the shares come form to create the cap. Has to be from the bonds - anywhere else ?? We are down from the last few days very good announcements. Perhaps I should just sell as I appear to not understand (kidding)