To my humble mind,there is an element of window dressing in the...

To my humble mind,there is an element of window dressing in the deemed price of 12 cents.

Chances are that the broker, BSF or whoever has indicated to them that one/some of the institutional shareholders who intended to cover off the shortfall in option exercise by 30 June may not be very willing to do so given the current volatility/uncertainty in the market.

The above assumes that the initially expected proceeds from option exercise is more than sufficient to pay the acquisition/farm in amount to Sherwin, which is now being postponed.