Do not assume debenture conversion is a done dealThe company needs to get the approval of the Exchange. And the Exchange can impose conditions.
I will be shocked if the Exchange does not require a form of "majority of the minority" voting. In other words, shareholders who also own debentures would not be allowed to vote in the upcoming shareholder vote on the resolution.
If they ARE allowed to vote (which would be in the coming circular) this would be allowing an obscene level of conflict of interest. I'd expect that, in that case, prior to the shareholder meeting, many Baylin shareholders would contact the Exchange to complain.