You say that the resolutions to approve the second and third option tranches will be approved by shareholders at the AGM, and this would mean that the dilution would be 30% instead of 12%.
If that did happen, the dilution in fact would be 22%, based on the current number of shares and options on issue.
But that is exactly why it won't happen (assuming the nadolol smoking cessation trial is a success which should lead to a spike in the price), as no shareholder in their right mind would vote to give away another 10% of Invion at such a low-ball figure, particularly when the money to exercise the options need not be paid to the company for up to 5 years.
The directors would be legally and ethically bound to recommend and vote for the resolutions, but I really can't see any other shareholder giving their approval, when the market price in late November hopefully will be way above 1.4c.
IVX Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
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