Lets take Sam Boake with 9m shares and sitting at 18 in the T20
9,000,000 / 15 = 600,000 loyalty options
600,000 x $0.35 = $210,000
Most people do not have that kind of coin sitting around
For every 1m shares you own you need $23,333 to exercise loyalty options
IMO We can expect some selling of heads to allow conversion of options
It will likely be short lived and perhaps an ann. will change things
GLTAH
Ann: Loyalty Options - Amended Timetable, page-25
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