The options are in effect non voting shares, the deal was done this way such that mtr do not have too much voting power but do have economic control of 20pct of the company in exchange for 30pct of T3, if anything I think this deal undervalued the exploration assets as only being worth half of T3 when potentially they could be huuuge ....
Ann: MOD to Consolidate 100% of T3 Project, page-24
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