convertible bonds

In this particular question it would be wrong (although you would not lose all the marks for that part :-) ) because they cannot convert until 6 years from now and we do not know what the share price will be in 6 years time. Obviously the share price may well increase (which helps make this attractive to Strand's shareholders) but if the share price were to stay as it is then they would in fact not convert.

It depends what the company is doing with the proceeds of sale. As always, the value of the company will be the present value of the future earnings and so it depends on what will happen to the future earnings (they will fall by the amount of the earnings from the part sold, but they stand to increase by the investment of the sale proceeds).