I dont think there will be any placement. 85% of the options are owned by the top 20 shareholders. "the sophisticated investors" will not let this slip on the back of good results
For every option exercised, the placement is reduced by one. Hence if all options are converted there is no placement.
This has been one of the stromg selling points to buy the options, guarentees you an entitlement to the free 2012 options
placement, page-24
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