Well it says 'uptake of unlisted options' not 'conversion of notes' which I take to mean the exercise of a call option.
Who would have written an option to sell 460,00 shares at $3?? It must have been a long time ago.
The 150,000 at $20 is not looking too flash now.
Anyway, now we need to see the top 20 to see who has been selling. An update of the top 20 is overdue.
Ann: Becoming a substantial holder, page-8
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