Ann: Flames Well Operations Update, page-99

I think your read of CPS as 'aligned' holders might well be wrong. I'm almost sure of it. Rather than holding out for 'top dollar' as you say, I think they'll take whatever they can- now. They'll be out ASAP and just there for the arbitrage on the options....there's a very healthy margin available on the difference between the 'free' 1.1c options & where the heads are trading. I've prepared for heads to trade down to 1.2c solely on the options pressure in the run up to June 30th which still leaves those 'free' option holders a better than 8% return if it gets down that far. That's money for jam for basically the time it takes to convert & sell.