Ann: Company Update, page-52

The VICOAs are an interesting one. Agree they can't get any cheaper and there is plenty of time until expiry. However it's also true they they can't get much further from the strike price. Well not quite true. A consolidation would mean the SP would have that many more pups to move to get to strike. In theory the SP would increase proportionally to the console ratio, but history tells us it tends to drift from there.

The proposed raisings put SOI at circa 1.7bil. Probably not at consol stage just yet. So question is how long until the next raise, and how much good news and SP improvement can happen in that time? 

VICOAs imo an educated but risky play