Two things:
1. You cant say that Integra were going to pay a premium. This is factually incorrect. The deal was the LOWER of 0.005 per share or the 10 day VWAP.
2. The 10% stake was merely an option for Integra (or, for the chairman's personal coffers apparently, which kind of stinks...). Either way, they had no obligation to take it up. Its a bit like granting 100m free options at a 0.005 strike price without the rigmarole of doing so.
Anyhow, I have no problems with this provided that the share price continues to rise, and if Jose does not exit.
Ann: Becoming a substantial holder, page-5
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