Good for the company, imo. The conversions will, as of Sept. 12, eliminate and remove $150 million of debt from the balance sheet, which is a de-risking/deleveraging event. Had the share price not met the $2.86 20/30 trading day requirement, the debt would continue to exist. As has been pointed out, extinguishing this debt will reduce the company's interest burden, another positive.
For existing shareholders, it is dilutive, which is a negative; however, I would expect that the dilution was mostly baked into the PPS since the convertibility of these notes was known to the market.
Absent a change in PPS (for example, the market could revalue the company higher if it believes the de-risking nature of this event is significant), these exchanges will be neutral to enterprise value (market cap increase will be offset by reduction of debt).
What I am curious about is why the ADSs "will not be registered" (I assume that means just that they won't be registered at the time of the exchange) and when/how they will become registered and thus subject to being traded. Inotherwords, what is the lock-up period? From the PR:
The ADSs issuable upon exchange of the 2014 Notes and 2015 Notes will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration requirements.