Ann: Appendix 3B, page-131

Yeah i get liquidity and certainly one reason shares remain more popular in this type of situation. I still think it's odd that there aren't more people with a mid term view of MLS buying the oppies at a discount. With results pending, I bet there are those types still buying the shares at 1.5c instead when they could just buy the oppies and convert back to shares for a automatic profit (if they are betting on good results and a subsequent re-rating). There are enough oppies up for sale at a discount for the average investor to snatch up if they aren't wanting to flexibility to flip them as quickly and easily as the shares.