The point is that MTR can't go over 12.5% of the company, so MOD...

The point is that MTR can't go over 12.5% of the company, so MOD clearly aren't giving away 20% of the company. MTR alreay owns more than 5% of the company, so they clearly aren't giving away that bit either - MTR has already bought it on market. I haven't discounted the value of the options, I have valued them at their cash value in a future capital raising. MTR can exercise them instead of coming up with cash in rights issue.

It is difficult to decipher the ramifications of these complex deals. I understand that it is confusing.

Cheers,
Tim