underwriting agreement, page-10

5% = 1c out of 20 = 19c

They only get what isn't exercised. What isn't exercised is worth 0 in Feb 2012 anyway.

I think they'll do their bit to beef up the share price in the expectation of getting lots of oppies come Feb. And then sell them at a 10% discount or so to future share price at the time - ie hopefully well above price now.

It guarantees the funds, in a way that doesn't dilute over and above what the market was already fully aware of since IPO. Thus less stress and bother and management can get on with the job. I guess I see it as a necessary evil, a price for certainty, which I think the market wants more than anything else.

Certainly better than a cap raising!!!!!!!!!!!!!!

But yes, you're right juk, a good deal for pattos.

(haven't checked, but I think PXG sold their soul to pattos for the first 12 months??? ie, can't do deals with anyone else ???)