Well the stock market is there for people to make money....

Well the stock market is there for people to make money. Unfortunately to make money some have to loose money.
When there is a volatile situation such as with FMS at the moment where many traders hold FMSOA with no hope of converting (or there is no value in converting) then other traders exploit this and in the process surprize surprize ..they make money.

So in effect it doesn't really matter how well the company is performing or what is real worth is at the moment as share trading is the real issue. Exacerbating the situation is the overall depressed state of the market driven by very negative sentiment (I mean how ridiculous is it to think that iron ore has lost value in this resource hungry world?)

Unfortunately the company loses also as they are at risk of not realising additional capital from traders exercising their options. In fact if the price remains at these levels the obvious result for those with long term confidence is to buy the heads rather than exercise. The result is the same for the company as they don't benefit from such transactions.

All a bit simplistic I know but hope this answers your query Pussycat ? :) Good fun isn't it? You are not alone if losing I can assure you.