BrentStory
minerva said benefit option holders "more".
If we stick to your example lets say the options were $1. The shareholders in your example are ahead 12.5% ie $2.00 to $2.25, but the option holders would be ahead 25% ie they have to pay $1 but SP is now $2.25. The value of the options have gone from $1 to $1.25 or up 25%.
I guess that's what minerva means, but I'm sure they can explain it better than me.
cheers
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