I would think that the hope here is for most of the options on issue get converted but the fact is that even with the great data that MT had handed him on a plate he has not been able to convince most options holders to convert.
His up ramping so far has fallen on deaf ears.
I know some have converted but why haven't those shareholders who caused the removal of the old board and those other up rampers converted their options.
Maybe they dont have the same faith in PAA as they claim to
Ann: PharmAust Presentation, page-76
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