Indeed, and both have very good management teams, like CDM, and...

Indeed, and both have very good management teams, like CDM, and I expect they will perform well after the oppies expire. I think investors also want to know how many oppies will be taken up, and the effect on the SP post-expiry. Once they can work this out, they will buy when safe. I'd imagine the ASX will be higher in coming months, putting more pressure on the oppies to rise! Both FGX and PIC are 85% invested I think, well PIC is, FGX is more complicated. The other trade, is to buy the oppies now, and see if they have an explosive rise, if the market really gets stronger in Jan Feb March.