Share Price, page-342

Rate at which they're converted? No, can't say I've seen that one. Common to have an effective escrow period such that they can't be converted until a date or milestone. I'd also expect the option for BAT to redeem the notes without too much penalty.

My concern would be the conversion price. Very common to see a fixed price along with a "minimum of" recent VWAP to protect the note holders. Can't say I've ever seen a situation where the conversion price increases with the share price, protecting shareholders.

Not particularly interested in us having $40m in con notes paying 10% interest with the option to convert at 6c sitting out there for the next 5 years.