Some maths ...
Exercising 2,500,000 19c options @ 19c will cost $475,000
If they are "cashless converting" options creating 2,307,925 new shares for DrT
Then the difference between the 2.5m and the 2,307,925 is the presumed value of the exercise price $475,000
So that's 192,075 shares worth a theoretical $475,000 or $2.47.
But the share price today is $2.22, so ir should have cost 213,963 shares to cover the options exercise. Thus receiving 2,286,037 new shares.
A difference of 21,888 shares in DrT's favour.
Anyone explain why this seems strange?
Ann: Change in substantial holding, page-8
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