from memory they can convet into and extra 40 million shares. So...

from memory they can convet into and extra 40 million shares. So far 110 mill shares issued, after last lot of connotes were converted to shares. Undiluted with future con notes converted to shares is 150 millm shares.
People use the undiluted or future number of shares to work out financials calulations.
People were unaware of this, until the holder exercised and then people realised that the total number of shares that were increasing by over 50%. This quickly started the selling.