You can at any time prior to 31/3 still Pay 12c and get a share...

You can at any time prior to 31/3 still Pay 12c and get a share and an EBROA. From memory the formula used to value EBROAs gave them a value of about 3.2c so I think there is still value in exercising the options if EBR are trading around 9ish cents. Right at this time you could buy a FP share at 8.5c plus buy an EBRO at 5c on the market (13.5c) so you may as well pay 12c and get a share at that you could sell right now at 8.4 and you could sell your EBRO at 4c and make a small profit. But this won't work if the holders of 19 million options try it all in the near future. Some people have already exercised their 12c options
fc