ocean wide interests, page-3

OW currently have 30,858,000 shares. If they take up their full entitlement, they will get 5,143,000 shares, plus 5,143,000 options. They can convert those options immediately, which would give them 41,144,000 shares out of 244,326,000 on issue, or 16.8%.

So they only need to acquire a further 4.2m shares + options when applying for their entitlement, convert those options as well, and voila! 19.99%.

So, if they are buyers of the rights, they'd only need 4.2m to achieve your objective.

However, unless WM still has a big rabbit to pull out in the next week, the underwriters will almost certainly be left with a swag, and OW would get all of any extra applied for.

But, if/when it becomes known that the underwriters are left with a lot of shares, then regardless of what OW take the sp won't rise greatly, because the market will be waiting to see what AM do with the overhang.