Value of U debenturesThe value of the U debentures, if the "offer" by Invesque is accepted, is estimated to be about $80 per $100. Bad offer considering the debentures were valued over $90 (before the offer), so if you hold some and haven't voted, put your vote AGAINST the proposition.
That said, if the proposition is rejected, then the value of the U debentures should rally to around $95. Even if Invesque pays partly in shares, considering they will have to offer a 5% discount to market value at the date of the payment, even at $95 this means buyers will get a 10% total discount in buying the debenture (instead of stock on the market).
So, at the current price of $80, the downside risk is limited but there's a good upside if the debenture holders vote in their best interest AGAINST the proposition, as the price should pop up.
Brutal that the management would offer such a bad deal to the holders of the debentures that it would crash its value and be a lot more valuable with a rejection of the offer. Hopefully, they see enough vote against that they cancel the meeting/offer or just come up with a better offer to vote on.