back in the kennel, page-7

All indications now are that it will finish June at sub $NZ1.50 putting the optionholders out of business.
Optionholders are now receiving their notices from NZO about exercising their options - some are selling the options to get what they can for them & some are selling the shares to finance the conversion price but will hold off converting until late June.
The announcement to commence drilling the Momoho exploration well will see further shareholders sell as they will have vivid memories of the 30% drop in the shareprice when Hector came up dry last year and they will want to protect their capital and sell well before the result is in.
It also looks like the price of oil will fall back to $100 during June causing further selling of this stock.
And it's becoming increasing unlikely that the Tui reserves upgrade will be available to optionholders before they have to convert this time next month.
We just might get away will little dilution after all.