It's rather difficult working out the value of the...

It's rather difficult working out the value of the oppies,
flatchat. You are correct in saying they are all in the money at 15 cents and the company seems likely to benefit substantially if and when the options are converted.
But what loading do you give to options which don't expire until June 2009 ( the EBROA's).
And the EBRO's can be converted next year into fully paids, for 12 cents, and also carry an entitlement to 1 EBROA per converted share. Should EBR reach 30 cents before the end of the year, the EBRO's could be worth more than the fully paids?