Hi Sharky:

Why would the debenture holders be in any rush to convert. First, they have to be in the Debentures until the first interest payment. If they convert prior to that, as I recall, they do not collect the interest payment. Secondly, they have the right to convert the debentures at an already fixed price.

As to any short positions they may have, such may already in some cases been unwound. If they want to keep their short position on, they may have to accept a lesser return in total. But they are still protected in event of any problem which may develop at Pod 1. As just a reminder, we are still not home free with no troubles on Pod 1.

Trust all is well en Belgique!

Brian