convertible notes

In case you are not aware, CCI also has convertible notes on issue at 2.5c with exercise date Feb 2008. Code is CCIG.

In other words, when CCI trades beyond 2.5c (seems a formality at this stage) you can add a further $5.6 million to their cash position.

CCI also has options at 5c with expiry date Sept. 07 which will add a further $17.5 million should CCIO are in the money before Sep. 07.

Hence, its pretty obvious what BT's priority will be in the foreseeable future. He will try his best to imrove the share price so that CCI can get a further $23 million.

Once all this is completed, I would think CCI will do a share consilidation (1:10) which would mean that they will have no more than 120 million shares on issue.

I know I am thinking so far ahead, but that is my minimum time frame I am looking at sticking it out as a shareholder.