Errrr.....
SMB's "Put" option expires in June 2009.
LH have a "Call" option on 10% of bmi's shares, which together with the purchase of SAS's 20% stake would give them overall control of the company, from Dec 2008.
FWIW, ABN AMRO have a paper out on the "Future of bmi" discussing various possibilities.
None of the them include bmi Regional and bmibaby, their opinion being that both these operations represent non-core business, and would probably be sold off.