=+15 Convertibles are great because they offer a lower return than straight debt and we just dish out shares rather than having to find cash to redeem the bonds' - executive at Myopic plc. Comment on this statement as though you were a shareholder in Myopic.

16 Lummer ple has issued £60m 15-year 8.5 per cent coupon bonds with a par value of

€100. Each bond is convertible into 40 shares of Lummer ordinary shares, which are currently trading at £1.90.