Waylivra and the way forward, page-34

And that's part of the reason they set the ESOP allocation alongside the option expiry imo

I think plenty of option holders hope to sell with no intention or ability to convert them.

ESOP brings almost or just a touch shy of equal value - holders can either follow management and pay $0.08 or not but either way and allowing for shortfalls it would bring close to the original amount sort into the coffers.

Not a "placement" or "underwriting" but I wouldn't be surprised if AEI / PAM step into take up the number of shares that would have been but failed to be taken up on expiry.

I could be wrong that's just how I see it or have for quite a while as posted.

Could turn out completely differently but that's gut feeling.