Ann: VEN: Odin-1 Flow Test Update, page-9

1. If all converted it will increase the shares on issue by roughly 180m, but inject roughly $7.2m of cash into the company. The options already existed, but the ability to freely trade them did not. If converted, this gives the company a significant 'warchest' for future deals/development.
2. A few logical things to do: If you don't believe the share price will go over 4c by end of year, you could sell them on market if there is a buyer. If the share price increases so that they're 'in the money' you could either take up the option to convert the options to shares or sell the right on market. On paper if the share price was 4.5c, you could logically sell the 4c options for around 0.5c. Another option is to sell some shares above 4c and then convert options to shares at 4c for a risk free trade. That's the very basic strategies without taking into account CGT implications.
3. It doesn't have any real affect on the 3.1c options; other than potentially diluting the company at 4c. That may mean a bit more resistance to the shareprice in the 4's.

The big thing for me is that it gives MAY the opportunity to sell their 30 odd million options without the need to convert and flip. On paper that means that a big fish can gain a solid strategic entry to the company at 4c. That has the potential to lessen the drag on the share price around the 4-4.5c mark.