Pez,
You assume way too much.
Your comment "WMT would need to go above 45c by the conversion date to justify paying 10c for WMTO now."
should read:
"If you intend holding WMTO for four years, WMT would need to go above 45c by the conversion date to justify paying 10c for WMTO now".
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WMT
western metals limited
terrible finish, page-46
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