" However the debenture is handled, it must be material news, right?"

Well if it's zen & them being private maybe full disclosure doesn't have to come until the dead line? 

With Jonz  & Foremen's possibility's they allow to make more sense why the rvx share price has been stagnant & will remain so until news breaks  -  a high rvx SP is not in Hepa's best interest IF they get the chance to convert nor is it in Don/Zeniths best interest should Zen end up with a pocket full of cheap rvx shares in kind for the loan payment??
A fella might look back & see that this period was a great buying opportunity??