Ann: Notification to Optionholders, page-13

Thanks for the info. You have a good memory. Here's an article that I found regarding the bond issue which clears things up a bit.

http://www.*.com.au/companies/news/...-anchored-by-thorney-opportunities-55012.html

What a deal!

So for a $100 investment, a bond investor could have received:

1 x bond paying 9% pa for 3 years
50 share options to exercise at $1.29

Total return assuming options are converted and then sold at todays market price.
($100*9%pa*3 = $27.00) + (50 * ($1.80 -$1.29) = $25.20)
$52.20 profit for every $100 bond. Not too shabby!