Ann: Shareholder Update, page-100

Sam,

Firstly I applaud your passion, but unfortunately your view is all too simplistic.

I'm sure there would be a flat fee in the options conversion programme for when the share price is trading higher and the spread is .009, then it is easy money and the fee probably a lot less than your suggested 10%.

But when the ESIOAs were being converted the spread was something like .005 so the reality is in this instance a loss has been incurred, hence the incentive of replacement options.
So now this loss is carried until the unlisted options are converted at 1.5 cents followed by the claw back that loss which is now an all in 2 cent share before any profit.
Not to mention the risk that is now carried until conversion.

I see no one has pointed out the positive in YES Bank/GWI taking the $20K fee in shares at a higher share price, they must have confidence in the price getting well above 2 cents to take the risk.