options..., page-10

To Seuss

To the best of my knowledge, options are not covered by substantial holding provisions since options confer no voting rights and therefore no control.

To Samgribbles

Whilst it may be a prudent course of action for Independent Directors to hasten release of a revised valuation, we should not forget that even before their recent takeover bid, Bhushan, with four of the six board positions, effectively controlled the Board.

I wonder whether compliance with the Takeover Panel's directives is a matter solely for the non-Bhushan directors or whether it is a collective responsibility of all directors?