Loading ...$53m of the $55m charge is because the share price has gone up, per note 15 of the Sept 2025 accounts.
They issued $150m in convertible notes in 2024, convertible in 2029, at the conversion rate of 216 shares per $1,000, when the share price was $4.84. At 9/30 it was $8.71. So they converted at 9/30 they’d be issuing 216 shares per $1,000 of debt, with a share value of 216 x $8.71 = $1,881. The extra $881 is an effective loss to existing shareholders so it appears in the accounts, rather sneakily IMO, as an “adjustment”. Whereas in reality they are repaying $1,000 of debt with $1,881 worth of shares.