Only the CN's offered in Oct had a free option attached. To be honest, I would want one also if I was buying a CN at the same price as the equity! It had to be priced to get attention.
The coupon is 15% but is amortised out to Feb 2013. i.e.: at maturity you can chose to take cash (interest/coupon) or the equivalent in shares. There is no interest/coupon payment prior to maturity from the AGM going forward. This has been explained in an ASX release. That means, all existing CN holders (prior to and including Oct) have agreed Feb 2015. This is very positive.
All other CN's maturity has been pushed out to Feb 2015 accept for one $500k that has a conversion price of .005c.
ESN Price at posting:
0.6¢ Sentiment: LT Buy Disclosure: Held
