Top 20, page-55

Top20 / Charting ... so far the OA's have maintained a 1c or so premium over the converted cost to the heads. But otherwise they essentially follow the same chart.

If there are 39 million to be converted many will probably need a premium for the heads to convert the oppies as time diminishes so the Black-Scholes NPV reduces (although Black-Scholes is technically based on European models not US (and Oz))

Take a look at what has happened with FGROC of late as the 15c option converts to 20c Aug 8. It's an interesting situation to monitor.

So there could be a rush to the door to exit the oppies at some stage as many will not have the cash to exercise without selling their heads. Or they sell one oppie to convert another. Or?

Therefore as we get closer to the end of the year the market cap through converted oppies lifts if the SP stays the same ... or if the market cap stays the same then the SP re-ballances accordingly. Probably somewhere in between in reality.

So it's yet another interesting scenario and perhaps one influencing financing ... as another near $6m injected via the oppies adds further security for "the international bank".

It's a fascinating situation