At current prices and circumstances, tend to favour BSN but as...

At current prices and circumstances, tend to favour BSN but as there is no volume am going with ERH.

erh 41.5c

erhca 17.5c (= erh -34c) Less capital needed for an exposure of say 100,000 shares (ERH $41,500 v $17,500). On a surge to $2 in ERH, ERHCA should rise to $1.66 although there are many ca's out there which would be dumped on such strength.


erho 61c (= 2 erh -30c) Trading above fair value of 52c at current ERH price. Some value in that you don't have to exercise until 2009 (& then 3 years for piggys)

bsn 9.5c market cap $4m and sitting on 28~ million erhca's plus some erh. Has the best leverage but virtually no stock available.

So for me I'm almost out of erhca's and into erh (plus some bsn from some weeks back).