unusual scenario

USN moving up on ball mill ann and director buying. Assay results from the US due any day.

Market seems to be assigning ARD a value around 9 cents for its assets excluding bullant.

ARDO exercise is currently 20 cents, will reduce to 16 cents after bullant is transferred to USN.

Now what happens to ARDO if USN goes to 30 cents? ARD heads would move to around 24 cents, putting ARDO in the money.

However, after the bullant transfer, ARD heads would drop below 10 cents (based on apparent market val), putting ARDO well out of the money and with only a few months until expiry.

So it is possible we could have a short term trigger for a large propertion of ARDOs to be exercised. And there are a *lot* of ARDOs out there. And if that happens then the 44 million USN shares will have to be divvied up between a much larger number of ARD heads.

This would result in a weird situation where, prior to the bullant transfer, it would be impossible for anyone to assess the true value of ARD heads because no-one knows how many USN shares per ARD, because know one knows how many ARDOs will be exercised.