The other reason for the 2A’s is to sell without driving the price down too significantly.
theres a lot more liquidity in the share price, and the price has been more sensitive to options than heads IMO.
convert -> sell chunk on market -> get better average price for the shares.
Just another alternate reason people may be doing it in addition to developing an exit strategy for 12 months time post FAB and first commercial deal announced.
Ann: Appendix 2A, page-24
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