why minemakers is the best phosphate play, page-28

Now your talking.

If you held oppies (at any price) and are losing, then all you need to decide is whether or not you should invest the 30c to convert to heads. Therefore even if you end up paying 1c less than the cost of heads, you are still ahead (no pun intended). Of course, you need to believe that the investment is still worth making.

On the other hand, if your oppies were purchased at a bargain basement price and the heads are 30c or more above your oppy price, then of course it makes sense to exercise them. Again, only if you believe the investment is worth making.

Th only time oppies would not be worth exercising would be if the heads are at or below 30c - in which case it makes no sense at all to exercise them, just buy the heads - obvious, but surprising the number of times ppl ask this.

Given the volumes for both heads and oppies atm, I suspect most ppl will hold off deciding what to do until the last possible moment - hence the "depressed" sp atm.

BTW, despite any delay in DSO numbers, a report is due in a 14 - 21 day timeframe and AD has hinted it will be good, so I don't believe a) the oppies will be out of the money and b) the heads will languish until then. On the other hand, in this market (and being December by then) many would have gon on leave, lost interest, lost too much money elsewhere, spent too much on chrissy, etc., and therefore who knows what will happen...