smart selling or buying, page-5

Plaino

Just to clarify my previous post, options in the demergers provisions are known as adjusting instruments. Basically you can have situations where option holders CAN or CANNOT participate in a demerger.

Option holders CAN participate in a demerger WITHOUT exercising previously as long as the proportion of the number of options is more than 10% of the number of options + shares.

example 1
1000 shares + 10 options = 1010 equity
10 / 1010 = 1%
therefore option holders would need to convert to participate

example 2
80 shares + 10 options = 90 equity
10 / 90 = 11%
therefore option holders could particpate without covnerting.

hope this clarifies. in GAU's case don't know. will work out and post later