how much longer, page-8

The options that are exercised are absolutely paying for themselves i.e. for the return of capital plus the dividend, although some dilution is taking place.
The difference between the 27.7 cents and the estimated 20 cents to shareholders goes into the company coffers. If anybody lets their options expire (31Oct2008)then that value also credits the company coffers, although it is very doubtful that this would happen.
Lets see how many of these options are left after the record date. I expect none, as I wager that MCC or Evraz will have its agents in accumulation mode,( or somebody we don't know about yet) buying up at these low prices, unless of course this "detail" has already been taken care of.