Just got back from latest business trip. Interesting to read all the different sentiments and ideas as to the future directions of the SP with some clearly thinking if they spin the ' negative ' they can somehow influence the downward momentum in capitalising on the next trade.
And there is no doubt the the 'larger ' retail and perhaps the sophisticated's are having a go at just that strategy at the present moment . Bottom line however , is there is a clear frustration culminating in the trading and market depth of the SP at the present moment. Despite some suggestions that the OB's were free , the fact of the matter and as repeatedly mentioned , is that in excess of 475 million OB's have changed hands at prices above .004 with some more recent trades at .002 & .003. So the notion that there has been some massive loss crystallized on the conversion of OB's by some is completely incorrect as there has been hardly a smidgen of the heads having gone through at .008. The real looser's here will be those who do not convert there OB's and should they still be interested in the emerging CTM story will clearly have to BUY the heads at some stage.
So company traded option's in a sense are just another way of ' Shorting ' the stock. Even at the beginning when they are just listed. And IMO , this is clearly what is happening with the CTM heads at the present moment. Even those OC's who some are spruiking here. They also could be considered in effect ' shorting ' the heads as people think the leveraged trade ' over time ' is on the OC's and not the heads. So this switch and sell on their heads, will in turn fuel and drive further interim downward pressure on price of the OC's and so on to the heads it goes around again. Trouble with this strategy is there is not enough supply there , and so will only be available at relatively low prices to the few and perhaps not for very long either.
Here's how the process seems to be working ATM:- Clearly there is no market in the OB's and for those who bought them specifically in the hopes for a leveraged play and who don't own the heads ..... who ALSO never had the cash to actually convert in the first place are done and dusted - Gonski !!..... 
Then there are the other holders who may or may not have the cash to convert their OB's , but know they have to convert or face a ' MASSIVE loss. Do they find the cash or not ? 
So IMO , it is the latter group of holders who have stacked the ' Sell ' side with orders based on their ' Hypothetical ' intention to convert their OB's. I say hypothetical as their real intention was to put ' Buy ' side orders in the system at the lower prices hoping that their lower ' Buy ' orders will be hit so they don't have to convert. So in a sense ' Short Covering ' their loss position's on their OB's. So what happens next as we approach the ever closer expiry date is that the OB's are purged from the ASX system creating ever increasing ' FOMO ' , and so these Investors with their current low ball ' Buy ' orders then decide to pull them upon realization they won't get them at the desired price and so have to return to the possibility of either converting the OB's or take the ' Hit ' on the loss. Either way , at some stage they will no doubt be a similar volume of shall we say ' Fake ' sell order's removed from the sell side of the market depth as they will have no supply to sell. This is where the so called ' Sling shot ' effect will kick in upon the final re-balancing of the Market Capitalization on expiry of the final outstanding OB's. In other words the quoted MC will adjust for the non-conversion vis-a-vis the non- dilution the OB's would have potentially added.....even though that would be in effect balanced by the Cash received for them.
Meantime people , I would not give them an inch or a ' Pip ' on the trade , as this is a clear manipulation designed to take your money based the opportunity to play to their strengths of fear and uncertainty ....with the whole talk about Share Price Dilution , SOI , and Capital Raises being just part of it not to mention the Calls to ' Bad ' Management.
Do I think it is rather unfortunate that Management wasn't able to capitalize on the full benefit of the OB's - absolutely . However it's not exactly or entirely their fault. Market volatility being as it may together with the obvious timing's on Vales side and the control which Simulus seems to have on our other Nickel project .... All these issues and then some which are in fact the backdrop of the additional looming expiry of the OB's. This of course creating much additional uncertainty and negative sentiment overhanging the stock which in my opinion is just Noise providing opportunities for the ' Down Ramper ' - probably the ones who have been burnt on the OB's. Do I feel sorry for them - not in the slightest - they're the greedy market manipulators who never had the cash to convert them in the first place......
So people , I would just say - back yourself and stay the course at the present moment and let the OB holders sweat a little more as a potential deal is still possibly in the offing by end of this week - just not for them...... 
I have some other theories as to the ' Investing behavior / Psychology ' behind the present trading and market depth of CTM but will leave those to another post - Essentially they are about the ' Compression ' theories of a Stock and it's trading Share Prices.
(20min delay)