Timing of Announcement, page-220

I tend to agree with that you are stating. Playing the options for maximum gain is not as simple as holding and converting. Take a look at SRT they have similar option set up. At some stage LOMOB will fall out of sync with heads and trade at a discount. LOMOA have no volume so probably will not affect price of heads. Near the end of April the share price will come under pressure from selling pressure More oppies converted means more shares and trading to cover costs etc as you have stated. Will take massive news in April to keep price rising but will wash out eventually. Obviously the hold and never sell brigade will not care but what great trading coming up for some.