Sorry Dargie but it is DILUTION.
It's all about earnings per share - if the options are exercised you go from 260mil to 400mil shares on issue - issuing these extra 140mil shares is not going to increase the profitability of Tui or Kupe - there's no guarantee that the amount raised of $210mil is going to earn more than bank interest rate of 7.5%pa - you are diluting the earnings per share from Tui & Kupe by a massive amount.
DILUTION IS A DIRTY DIRTY WORD.
bright future, page-21
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