oppies conversion outcome

I'm looking forward to seeing the volume of options converted...now that the expiry date has passed, I am assuming that the next form 3B that is lodged on Monday will disclose the volume converted. That will allow us to estimate the new NAV. Based on teh fairly nominal number converted up until Friday we could be looking at only about a 50%-60% conversion rate (underwritten to 40%). That would be a big bonus for the remaining holders and lead to a significant rerating. Back of the envelope, a 60% conversion would lead to a NAV of about $1.40. Not a bad premium to the last traded price of $1.03.

Watching with interest....

regards
DF