Their under contract figures include new build apartments which may be taken out of the 16 week average period hence getting a lower than expected number of conversions per month.
Why would the market price influence whether Armada wants to excercise their options? It will have no to little effect. They will just look at the company's progr as and assess if it's worth a $1.5 investment for the % of the company they get. I hope they excercise, would be a good sign.
Ann: Appendix 4C - quarterly, page-21
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