Those that know will understand how that other company pulled off the Houdini act by a brilliant sleight of hand trick ... the piggy back options concept.
But when ILA tried it ... they did two things wrong ... they hadn't changed anything in management to create any further confidence that their magic trick was going to work. And then they priced the options and piggies at the same price as the SPP ... meaning they revealed that their confidence of a share price appreciation was ZERO!
If management have no confidence what chance for shareholders ... so the offer flopped and the magic trick pulled a dead bunny out of the hat.
No amount of mathematics will revive a dead bunny.
Then along came this group of five (and the market confidence has soared).
Sure they (ILA) could have restructured with a SPP and a revised magic trick with options priced higher - but why wouldn't the group of five start negotiations at 7c options ... I bet the company just took the deal and didn't negotiate hard as they were so relieved someone came along who knew how to revive dead bunnies.
(20min delay)