Percentages don't enter into it.
The OXROA that the underwriter will be picking up are those that OXROA holders chose not to convert.
At this point they become worthless to the then holder.
In effect every OXROA that the underwriter gets is at zero cents and - as I think others have noted - there are always a percentage of any options issue that are allowed to expire by the owners - even when they have been in the money. Go figure that one !!
Anyway, the whole thing creates the likihood that OXR fp's could trade around the 25c price up until the conversion date making the options a reasonably dangerous hold with heaps of downside potential and not a lot of upside barring any significant announcements or a major rally in the gold market imo
Cheers,
OXR
oxiana limited
