future of bwn, page-43

The options, which expire on 27 November 2009, can be converted into shares on or before that date at a price of 20 cents per option converted into a share.

The options (56 million) were issued at 1 cent each in 2007.

These figures are not my concoction - they are in the prospectus issued in March 2007 in connection with the issue of the options.

So who would want to pay 20 cents to convert an option into a share, when the shares are currently available for less than 10 cents ?

I concede however, that the main cause of option holders' current anguish is probably the prospect of the options expiring in November and considerable doubt that they will be able to offload them profitably before then, rather than a concern about converting the options into shares.