Good point Bobby_Fischer

I'm assuming some warrant holders who picked the warrants up for free in the initial public offering will convert providing the head share is above $1. However if they are smart then it would be a better deal for them to sell the warrant and buy the heads for a (further) discount to NAV. i.e sell the warrant at 14c and effectively purchase the heads at $1 minus 14c = 86c. Currenty NAV is about 1.17 so this would be a 26.5% discount to diluted asset backing.

From the Investment Statement

Offer Summary

For each Share issued, subscribers will receive one Option
(the Option) to subscribe for a Share at an exercise price of
$1.00 exercisable on any of 31 March 2006, 31 March 2007
and 31 March 2008. Holders can exercise some or all of their
Options on any of these dates subject to a minimum exercise
of 500 Options.