Yeah, not fair under the strict ASIC definitions, but to me...

Yeah, not fair under the strict ASIC definitions, but to me this:

namely, that all shareholders had the chance to take up their notes back in November/December last year on the same terms makes it seem fair to me, notwithstanding that strategically, non-associated shareholders looking to increase a shareholding could be strategic to vote against conversion and pick up shares on-marker when Ariadne is then forced to dump.

The valuation of 15 cents on conservation estimates is very encouraging.