Wooooo Hooooo Go BPH :)$$$$$$, page-33127

I think DB will have to be much more realistic if he wants to do something for the Option holders.

i don’t believe you would get shareholder support (51%) to hand out 578 million free options: option holders took a risk with a potential much bigger gain than heads. To just refund them that risk is not commercial. If eventually pep11 is approved head holders would be diluted by a third. The harsh reality is that shareholders in the cold light of day won’t shoot themselves in the foot and subsidise huge profits for option holders.

however I’m sure there is a genuine sense of solidarity with option holders and a belief that they have been hard done by.

if DB offered a loyalty issue of say 1 new OC option for every 6 OBs you might get that over the line as it would mean issuing only 100 million options and if pep11 was approved it would be enough for most OB holders to recover their capital or maybe more and that’s probably a fair outcome.

i think a proposal like that would get support.