Notes can be a killer if the other shareholders don't support...

Notes can be a killer if the other shareholders don't support the share price. While there are notes outstanding the note holders will be happy to dump and have the next lot issued at a lower price.

The top 20 release may have been a wake up call to some of the large holders that they were being diluted - certainly seemed to catch Xstrata by surprise. Perhaps the price movements are explained by one or more of the substantial shareholders shoring up their stake and the note holder selling into it. Would be surprising if they all chose to let it go as it is still a very cheap resource on paper.