Ann: Project Finance for Ophir Development, page-12

rivers - Not familiar with JD - is that a rare Bordeaux Premier Cru? I am familiar with John Deere of course.

To be in the money in round terms the heads need to be 26c - we have paid 15c on the contribs to date and there is another 10c to be paid still, at the moment in 2015.

No point at the moment paying up 10c to convert the contribs when you can buy the heads at 12c.

Of course a punter buying the contribs today at say 3c gets the benefit of a former owner having paid the first 15c so in that case if the heads get to 14c then you might happily pay up the 10c on the contribs because you will then have effectively paid 13c for a head share worth 14c and would be in the money - is that the scenario you have in mind?

In my case, if you can get the heads to 26c and the contribs into the money then I will ask around about what a JD is.