Ann: Letter to Listed Option Holders, page-243

Just so I understand correctly...

Here you argue "You knew the Government was anti-PEP 11 for years"

Here you argue "far less dilution if we wait until PEP 11 approval"

I think the happy medium is understanding that the decision on PEP11 ought to have been made by 30/9/24, but it hasn't by virtue of circumstances beyond the companies or option holders control, that Government corruption has been central to the delay to the point that the BOD have resorted to court proceedings, and that the decision remains an unknown just as it was when they were originally issued, and that a rollover is reflective of balance. JMO.

The dilutive argument is conditional on PEP11 approval which is supposition at this point.