somethings up, page-32

Hi MC,

I think you will find that every situation is different, and also - that oppies DO have an inherent value and hence DO get taken into account when takeover plays are made.

Now...if a takeover play for HCH was launched TODAY the listed HCHO's would certainly be ascribed a certain value, but whether it amounts to anything of value relative to prices paid on market by holders is another thing.

As for these unlisted 20c options....with the stock at 44c, it seems a perfectly logical, and financially sensible thing for people to be exercising them progressively over the next 60 days up to 3rd Nov-13 (irrespective of any t/o).