Thanks topgun. That is how I understand it all. Never have had a message before saying "URGENT! - There is a open election on a product in your Portfolio." Sure, I agree that if one wanted more SOV, rather than excercising the rights at 850, it would make sense to buy now at the going rate of 820. The NPL holding I have would be stupid to sell at 4c because the brokerage would be more than the amount I would get from the sale. So sadly, better to let them expire! So am afraid still don't understand the "election" at this stage with a take up value of 4c but then perhaps I'm just not getting it!?