I believe that that it is very likely the notes will be...

I believe that that it is very likely the notes will be converted into equity and irrespective of how it is reported in the financials, and I am calculating AJQ's value as such.

If the BHP scenario were to play out, why wouldn't BHP just take out DGR instead? They have already had an unsuccesful crack at SOLG and the aquisition of an asset of that magnitude would surely rank head and shoulders above AJQ.

I must admit I'm extremely tempted to invest directly into AJQ at the moment, but I'm not prepared to sell DGR for portfolio balance.

I always thought SOLG would be taken out before AJQ kicked, but I'm happy to be proven wrong!