119851516 options
2076995855 shares
= 2196847371 fully diluted
= 5.77% "dilution" for $2,397,030.32, if all exercised.
In reference to the question posed by The Seeker, I would hope that if I had 5m NTLO I wouldn't have had the short sightedness to put myself in the position of not having cash-on-hand to exercise or buy shares - or simply do nothing.
You see, The Seeker's question is based on a situation where the optionholder is a gambling on being able to make a trade out of options or by exercising them into shares to complete the trade.
I'm not in that situation, but if I was, I would be going back over my workings and figuring out how I got myself in a situation where I am simply gambling.
Do I think any NTL options will be exercised? Of course!
Do I think the majority of NTL options will be exercised? Possibly not.
Do I think all NTL options will be exercised? I doubt it. they were "free" (I hate using this term, options are never "free") as part of a capital raising long ago. If you were one of these big-wig optionholders, you probably would have simply bought much cheaper shares in capital raisings, SPPs or rights issues since then. Given the largest holders of options are in this boat, I imagine they would quite happily let them lapse to avoid diluting their current holdings.
Anyway, we will eventually start to see notices of option exercises coming through which will be the obvious way to figure out the market behaviour
