yup, I’ve been harping on about that here since the cr, all those ppl saying “free” which comes at a 12c strike price & short expiry. Seen that with most stocks, even if long term they go worthless & expire instead of converted (not saying that’l happen here), there’s usually a pump for them to be in the money for brokers/insiders to exit.
hence I keep saying we’ll see a minimum of 12.5c within next 11 months (even if it’s for a brief period), long term I still see the TO as a high possibility.
Ann: DFS Delivers Strong Results on 1st Stage of WBP Development, page-259
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