Well said Mini I agree whole heartedly.
I suppose for NZF if everyone converts there is quite a decent interest saving of $1,950,000 (9.75% on $20M)per annum or $1,200,000 if everyone rolled over either way should help the bottom line. I think the majority will convert to shares as the best option of a bad bunch, I don't think they have the cash and are in survival mode at present. I wonder how long their banks will tolerate all this and the continued losses?