RE:RE:RE:RE:RE:Estimate for the HRT debentures: The value to be used in the calculation is the lesser of the following options, which are:
(i) - the weighted average of the daily volume, closing price of the Shares for the past ten (10) trading days on the BM & FBOVESPA, prior to October 27, 2014, the Applied discount of 25% (twenty five percent);
or
(ii) - the weighted average of the daily volume, closing price of the Shares for the past ten (10) trading days on BM & FBOVESPA prior to receipt of the request for conversion Mandatory by the institution and the custodian of the BM & FBOVEPA, as appropriate, apply a discount of 25% (twenty five percent) ("Conversion Price").
The option (i) is exactly my calculation but the option (ii) you are right, because the way it is described can increase the number of shares converted the debenture. For this, it suffices that the share price is lower than the one presented in option (i) and is within the period of conversion request October 24, 2015 until October 24, 2019.
It is more than bad!