sgoniThanks for your comments, useful as always.You are assuming...

sgoni
Thanks for your comments, useful as always.

You are assuming a very large drop in price between VWAP and physical exit price which is only a few days after VWAP period. I agree there is a risk between VWAP and physical selling of HDF but I feel this can be managed using CFD's. I suggest your 6.5 cents is a bit extreme.

Also, there is a chance that TTXPA will be paid out with cash, perhaps not as likely as conversion but a reasonable chance all the same.

I will re-do my calculations based on 10 cents VWAP and 6.5 cents exit and let you know my findings tomorrow

thanks