Thank you,Thank You, page-9

Just remember it's not a 1 for 1 ratio.

Just because there are XYZ amount of options it doesn't mean there will be XYZ amount of shares sold to fund the conversion.
It sounds obvious but I get the impression this is some peoples mistaken line of thinking?
If people are thinking that there 300 million shares sitting there ready to be sold think again, thats not how it works.

Anyone with any level of intelligence would have sold their shares way before now to fund conversion, it's just the dummies holding out who are left !!
This is typically what happens when options are "in the money".

Understand also many or most options are now in the hands of traders who bought on market and won't have AVL shares to sell to fund the conversion.
There were many many hundreds of millions traded on market since they were listed, they aren't all in the hands of AVL shareholders who received them as a "free attaching" in the Cap. Raising.

- Some will find money elsewhere to fund conversion
- Some will sell a small or large or entire parcel of AVL shares to fund conversion.
- Many will just expire.

Much of this is just panic selling, and also clever buying.
The fundamentals have not changed in the company nor the market. (except for the fact that the market is also crap across the board at the moment so it's a double whammy)

Remember the market is not a vehicle for "making money", it is a vehicle for transferring money from stupid people......to clever people.