hiroic,Not necessarily, the terms of the offer may allow...

hiroic,

Not necessarily, the terms of the offer may allow existing shareholders to accept over-subscriptions should they desire. Any short-fall could be fully mopped up.

Interesting to see the effect of the options:

ANP could give some incentive to shareholders to exercise their options early - before the end of the supposed 4 year term - and hence the exercise would provide a substantial cash flow without having to go back to the market for an additional CR. With a 2:1 options allocation at 48c, or about 290 million options about to be issued, conversion would raise almost $140 million.

Early conversion for some or all of the options could be encouraged by providing dividends only to FP shares, or some share split, share buy back....etc.

We will soon have more detail.