why minemakers is the best phosphate play, page-31

capman,

I was attempting to make a call purely on the basis of the cost/benefit of a particular scenario, i.e. selling a head to exercise an option.

Other factors relating to investors wanting to be in or out of the company are independent of this and will contribute to the pricing. Given the fact that we have consolidated around 50c suggests there is a reason, and I am looking for that reason in the options, which seems good enough given the timing.

If it's not the options, how better do you explain a persistent stack of noncapitulating sells several cents above the offer?