Cactus Ltd issues some convertible notes in 2023. These notes are issued for $20 each and allow note holders the option to convert each note to one ordinary share in Cactus Ltd. The date for conversion is 31 July 2024. If the conversion option is not exercised, cash of $20 per note will be paid to the note holders. At 30 June 2024 the price of Cactus Ltd’s shares is $18.00. Would you disclose the notes as debt or as equity as at 30 June 2024?