RE: Fully agree30 Oct 2020 11:19
Not that clear cut. There will be pressure on the GPSS price from a number of things.
1. Current holders who do not have the available cash to convert
2. If the GPM NAV continues to fall and the GPM share price, the subs become less attractive.
MMs are not going to want to end up holding GPSS near to the final exercise date so you may find at some point that selling GPSS above NMS is impossible. You could possibly make a bit by trading GPSS assuming the gold price and underlying assets rise significantly between now and the end of November. Similarly the subs may become worthless if the NAV continues to fall.