check out the sell side, page-9

PM - there are a few factors and strategies to think thru re the oppies - for example if you were of a mind to pay 1c for those for sale today then sure you convert by paying the 3c but in effect you need 4c for the heads so that you will be even, so maybe the heads are better value at 2.6c based on those numbers.

on the other hand of course there is more leverage paying 1c for the oppies than 2.6c for the heads

also need to do the maths for today and then guess the future - lets say you have 125000 heads and 100000 oppies - as last SP the heads are worth $3000 and the oppies $800 for total of $3800 - but it will cost $3000 to convert the oppies, so you sell the heads to raise the $3000, pay it to convert the oppies and you now have 100,000 heads worth $2400 at last SP, so you have dropped $800...of course you may have a spare $3k and can convert the oppies and keep the heads and now have 225,000 heads? But the figures change significantly at higher SP and with altered differentials

so it all depends on the differential between the heads and oppies SPs, your guess about the future SP and of course the oppies need to get into the money to convert (for most of us), no good the SP being 2.9c on the last day for conversion, then expire out of the money and then a week later the heads are 10c...

decisions, decisions....