Hi vyr, I think they were at 19% and under the creep provisions were only allowed to move to 22%
"
If a person has maintained voting power of at least 19% for six months, acquisitions increasing their voting power to a point no more than 3% higher than it was six months prior are permitted. "
http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.396.2384&rep=rep1&type=pdf
So they would have had to Off load any options that would have taken them over 22%.
Director's sign of confidence, page-16
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