if dmRJ gets paid off they get paid off on principal, not 45 million 8 cent convertibles at market price for the stock. The SP wouldn't rise in a refi announcement because dmRJ would flood the market with 8 cent convertibles for 2 months leading to payout effectively dropping the SP to 8 cents. That would be their 'thank you' for paying the loan back which is why a 2 month notice clause was stupid dumb.
It's not the talking about refinancing that is the problem for DMRJ but an actual refinancing which the talking about would be their early pre-warning for. We are talking about them bullying the management here to keep the status quo which I agree with buffalo is probably one of the reasons GB went. If IMSC can borrow about $70-80m and pay off DMRJ/BAM in one go then all these 8c converts immediately disappear. The new debt does not need to be convertible initially so to avoid change of control/buyout legal conditions being activated but once DMRJ are gone then perhaps they could be made convertible eventually. As to the recent fall of pps it could be DMRJ selling hard before they are paid off or just just fed-up retail shareholders with a lot of shares getting out, too early to tell.
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