PG you may have a point. If they get close to the 20%, thats a significant voting stake. However, if they do declare any intentions prior to the meeting date and if it is a takeover attempt then from memory i dont think new securities can be issued during any offer period. Just a rough guess but the option issue could then revert to mostly cash.
In my opinion the last thing they would want is another 100m options being issued. If someone wants to takeover, could prove costly.
PG you may have a point. If they get close to the 20%, thats a...
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