dingo or dog - dissecting the range, page-26

In regards to the options, my belief is that given the up and down nature of the share price over the last year, as well as where we find ourselves now with the share price, that holders will likely sell shares (if the share price can even get close to conversion price) rather then use cash available to fund conversion. If I'm correct then you will likely see a bottleneck of orders around conversion price and may even tank the share price as a result of the many sell orders to fund conversions. This will probably see the price fall below conversion price and most options won't get converted. If this scenario plays out then it is a direct result of playing things too close with the timing of assay results and option expiry.