From my calculations Macquarie has 20 mill call warrants outstanding on TAP. I'm not sure what percentage of this they have covered but I would speculate that they would be very short on TAP. With the price of oil sky high and TAP due to drill some elephant targets I would say Maccas could stand to lose a substantial some of money. I would not be bullied into selling TAP at the moment. Having said that this share is not without substantial risk.
*** who's going to win?, page-3
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