Kosenar,Yes, I briefly puzzled over that one. By 25 Nov ASX ann...

Kosenar,

Yes, I briefly puzzled over that one.

By 25 Nov ASX ann 12.092 M options were converted (3 to 4 days before the AGM).
By 23 Nov ASX ann 0.534 M options were converted and another 0.750 M were issued. (The 0.75 M could also have been included as converted in the 12 M above – likely I suspect.)

It means a total of 14.126 M (= 12.092 + 2.034) new shares were issued, a 15% increase.

It cannot be one person converting since the highest single holder for NSPOA at 6 Oct 11 is 8.5 M. Others don't even come close.

If all the directors' option holdings are added to the leading holder's then the sum is already 11.79 M. Adding the 0.75 M above yields 12.54 M.
Compare this figure with the total actual conversion of 12.63 M (12.092 + 0.534). So what deduction would you make? Yes.

It should be noted that some further directors' interest changes occurred in Oct after the list of 6 Oct was issued and which I have not included.

We should know in the next week which of the directors participated as their App. 3Y's are lodged with the ASX. The substantial shareholder will also need to lodge his change of holdings notice.

The implied outcomes are very clear. Hope you can relax.

Juke