Yes but the convertible notes are not considered net debt. They...

Yes but the convertible notes are not considered net debt. They are listed on the asx (ABSG - like issuing shares) and can be converted or redeemed at a later date. If they are converted - sure they will dilute the existing shares. But if the sp improves that wont matter as much. All I am saying is the MS deal will reduce the net debt by 42% and there is more debt reduction to come.