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Debentures
A company has 7% redeemable debenture in issue,quoted at $140. It is redeemable in six years time. It has also a 10% convertible debenture which has 6 years to run. The terms of conversion are 30shares per $100 debenture. If the debenture is not converted, it will be redeemed at $106. At what current share price would a debenture holder be indifferent between converting the debenture now, or holding on to it?
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