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An out of money preferred share conversion...but it may had the arbitrage opportunity using conversion method 1:10 (without cash) when the mother share was volatile
Oh okay i will try...the methods to convert it are mainly in two ways, the top up cash method or without cash by consolidating 10 preferred shares into 1 ordinary share...when the mother share down to 0.25...its pa also down to 0.025 as the lowest, someone took an opportunity to sell when the mother share rise above 0.25...for example 200,000 pa units to be converted into 20,000 ordinary units...200,000 x 0.025 = $5,000 | 20,000 x 0.25 = $5,000...if mother price > 0.25, it is an arbitrage profit