re: Ann: CUY: Takeover Bid Implementation Agr... To follow up on...

re: Ann: CUY: Takeover Bid Implementation Agr... To follow up on a recent post from Tewbs, I agree that one HAV share for every 5 CUY shares is very generous. However, if that is very generous, words can't describe how generous the one HAV for every 15 CUY options held given that they were exercisable at 35 cents - and on top of that it is my understanding that they were issued as bonus options to shareholders back in December 2010 so its not like the loyal shareholders would have lost anything anyway.

My only hope is that they don't give HAV shares to the 9,450,000 unlisted options, particularly the 4,000,000 director options with an exercise price of $1.11 and expiry of January 2013!

All that said, CUY has 66M shares of which HAV owns 30M and 16M listed options of which I assume Hav owns half as well. Therefore, conversion will result in about 8M new HAV shares being issued and given just over 100M HAV shares on issue will dilute us by about 8% (less taking into account HAV options likely to be exercised on sale of Kalkaroo).

Therefore, while disappointing, will not have that great an impact. Hopefully it creates a little more interest in HAV and let's just hope the Kalkaroo sale is progressing nicely.