That’s what I’m saying. If they convert it will be a real vote of confidence. They may even pay a premium as it might be the only way for them to buy in (especially if there are negotiations underway that might prevent them from buying any other way) or if they wanted to get in but buying that many shares would force the price up.
So my thoughts are that if they are confident in the company they will find a way to convert their options and it will be a real positive.
If not, then it’s not necessarily a negative but it might mean that there might not be good news on the short term.
Ann: Non-Renounceable Rights Issue, page-109
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