conversion of notes

So after todays conversion of $300,000 of notes, there is still $6,375,000 left to convert.

I believe the notes expire 31/05/2014 so that could make the next week or two interesting.

Only $1,125,000 have been converted so far, so its looking doubtful they will convert them all to sell on market. Maybe they will do a deal with someone (Plotemy?) to take them all at 15.5?

Who owns the notes? do they have a shareholding in the company? Will they trash the shareprice down to 15.5 and book a small profit to get as many away as possible?

It was a nicely timed positive announcement for them today but it doesnt seem to have helped them much...share price strength, but low volume of only 666,000.

I gather the board (and most shareholders) would rather they convert, take shares, sell on market for a half cent profit, and increase the free float, whilst allowing them to keep the cash for more wells.

Any thought guys?