I think you will find that the vast majority of IAMOA's were purchased at under .02 and the top 10/20/30 holders probably have 80% of them. There is absolutely no urgency to exercise them unless you need the cash and want to liquidate them as IAMs. That's also the reason so few are on offer. I expect to see more 3Bs as the 12 month CGT discount kicks in for most of the big on market IAMOA buyers from January to July last year.
Ann: Appendix 3B, page-16
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