To take a wild guess maybe 20-30% of the money needed to convert will come from selling MAK shares (eg some option holders won't own any head shares, some will have the money from elsewhere, some will sell other stocks).
The options will raise $4.5 million, if the 20-30% is right that's about 1 million shares at current prices over the next 4 months or 14,000 a day.
So I can't see how it's an issue.
what effect 15 million options, page-4
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