announcement, page-18

Well no one can accuse Big Kev of hype this announcement. It is a simple " well there you are - do you want to get involved ?"

There are a couple of ways (at least) of looking at this.

1) Big Kev recognises that there is little hope of getting the MXRO exercised in any significant numbers so this Bonus options offer is an incentive to stay with MXR and contribute in a year's time.
2) Alternatively Big Kev is hoping that by making this Bonus Options offer people could be encouraged to get in now and start buying MXR to increase their exposure to the Bonus options
3) As a consequence of 2) the MXR share price lifts above 20 cents from increased buying support and that actually encourages those with MXRO to convert them before June 30.
4) Alternatively again the prospect of picking up some MXROA attracts the holders of MXRO to convert them knowing that they are going to get a gain on the acquisition of the MXROA.
With MXROA currently around 10 cents and they are going to gain 1 MXROA for every 4 MXR they have then as someone else pointed out earlier they effectively gain 2.5 cents by converting their MXRO. In other words they can convert their MXRO for 20 cents presently but will be given the equivalent of 2.5 cents back in mid July so the conversion has theoretically cost them 17.5 cents per MXRO converted.

Will MXRO holders be attracted by that. Quite a cunning sort of Blackadder plan IMHO