$79m shortfall, page-35

Hi Shadowboxer, all options are included in any market valuation ala the fully diluted market cap.

IMO, assuming the underwriter agreement is irrevocable, I'd say the options will trade at a premium as they may be the preferred vehicle for speculators/traders. Money is tight so the offer was always going to be heavily under-subscribed - CDU has suffered the fate of many and LT shareholders would be scratching around nowadays to support a failing share price at the end of 2013. In retrospect, it's pretty impressive to find an underwriter at such a sum - market valuations have changed in the emerging copper types - $2.50 and a free option at that price - hard to believe.

As always, make hay whilst the sun shines, especially when the ASX is trading at all time highs.