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These are classes of securities which share some of the characteristics of ordinary or equity shares. For example, a participating preference share, shares to some extent in the ordinary dividend and a convertible debentures will behave more and more like equity shares as their conversion date approaches. For example, Sibanye launched $500m worth of unsecured guaranteed convertible bonds - convertible in November 2028 to ordinary shares. These are "near-equities" and they will behave more and more like ordinary shares as the conversion date approaches. Sibanye shares fell on this announcement because some shareholders decided to sell their ordinary shares and buy these convertibles - because they offered more security and would in 2028 replace the equities sold.