There were a lot of Warrants and something over 40million have been excercised over the past year 2006 (mainly 8p Warrants excercised last April 2006). Of the 10p Warrants about 5.7million have already been excercised in 2006 leaving a much reduced remainder of 7,013,237 10p warrants exercisable up to 30 April 2007.
I agree with you , that the sp would have probably been considerably higher, given all the good news (Nimu, MJS etc.) if there hadn't been the drag on the sp of some of these 40milion excercised Warrants finding their way back onto the market in 2006. Even so the sp nearly doubled in 2006.
The Warrant drag is rapidly diminishing and 2007 is going to be a different year I suspect : Finance in place, only 7m (not 40m) Warrants finishing April, regular news flow and Nimu drilling. A strong outlook.
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