FA NORTH AMERICAN COVERTIBLES FUND T.NCD.UN

Zien & Fletcher

[Hyperion1]

Good to read your thoughts. Kudos. One fact that I found conspicuous by its absence: When the warrants are exercised (I believe most of them will be because a lot of them have already been exercised), NCD.UN will be the beneficiary of 85 million bucks. This will go a long way to offset the dilution effect and it will give them power to retire debt and make further purchases. (You could see them move more heavily into Simmonds. Mattresses are a little prosaic but hey have you seen their numbers. Held pretty tight though. Hard to get any amount.