They're exchange traded options (MNYO). I had some of them but...

They're exchange traded options (MNYO).  I had some of them but converted.

I can choose to sell on market for $0.40-0.6o, but there's not much liquidity.  Or I can pay $1.296056 to convert, which makes sense when the SP is $1.91.  Or I can let them expire in under 2 months and get nothing.

The bonds will have a face value of $100, will pay a coupon of 9% per annum, payable quarterly in arrears and have a maturity date of 15th May 2018.

The options will be issued to the initial investors under the bond issue in the ratio of one option for every $2.00 of bonds subscribed for by those investors, and will have a four year term and an exercise price of $1.30.

I'm pretty sure those bond investors got 9% interest rate plus the options as a bonus.  Those options worked out as a great bonus for the bond investors.  They're now worth about $0.61 after 4 years, and they got 1 option per $2 of bonds bought, so the equivalent of 9%+7.6%=16.6% PA, but only because the SP went up, which there was no guarantee of.