The management know that they get far more options for $382,000 now while the S/P is low ,than they wld. get for $ 382,000 if they were allotted after a subst. rise in S.P.
Of course I am aware that the options are allotted free. But their probable market val. if they were listed is ard. $382,000.
Ann: Proposed issue of securities - NWE, page-13
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