@lowway it was covered in a Bull Article this week.

Apparently the share price depression is down to bond arbitrage funds who buy the bonds and short the stock. (Called a delta hedge).

So, I am seeing the SP action as technical and short term ... and given that I am comfortable with the capital structure, overall, it doesnt really effect my view of anything.

There was also a reference in the Australian, that an entity involved in the debt raising is one in which the CEO has interests in. Article below for interest.

-------------------------------------------------------------------

Apr 15, 2026

HIGHLIGHT

Telix leads mid-cap falls after bonds deal involving CEO

Valerina Changarathil

Mid-cap health stock Telix is among the worst performers in afternoon trading, down 6 per cent to $14.48 after an upsized convertible bonds offering, which involves an entity associated with chief executive Dr Christian Behrenbruch.

Telix announced it was issuing $US550m in new bonds to refinance existing debt on Tuesday. On Wednesday, it said it had priced an upsized $US600m issue due to strong demand.

Telix Pharmaceuticals CEO Dr Christian Behrenbruch’s family trust has a stock lending deal with JP Morgan’s affiliate.

The initial conversion price of the convertible bonds is $US13.85 ($19.55) per share, which represents a conversion premium of 37.5 per cent over the reference share price of $14.22, representing an 8 per cent discount to Telix’s closing price of $15.45 on Tuesday.

JP Morgan Securities is sole bookrunner on the offering and sole dealer/manager on the concurrent repurchase involving $637m of its existing $650m convertible bonds due 2029.

As part of the bonds issue, Elk River Holdings – the trustee for The Behrenbruch Family Trust (stock lender) in which Dr Behrenbruch holds an indirect interest – has entered into a stock lending agreement with an affiliate of JP Morgan (stock borrower) over 15 million shares for 11 months.

Disc: Held