I am not converting, you have an option worth 3c out to the end...

I am not converting, you have an option worth 3c out to the end of 2009. Your current shareprice is 3.4c. If you convert you will be paying 3c for the share (10%discount) and then have an option that too convert will be 6c by 2012 (100% increase).

For such a speculative stock this just adds to the risk of increasing you holding. I considered the conversion but witout any results etc and really such a short timeframes on true detail on this proposal it doesn't sit well when I look at it from a risk management point.

I am not saying that the company is doing anything wrong or up to anything. What i am saying is that risk management needs to be taken into consideration.

To take up this offer in my opinion adds unnecessary risk to my postion in the market.

I do see value in holding EXM options to end 2009 at 3c convdersion, but the risk/value ratio increases substatiate if I convert.

Not for me srry. Now bring on the results.