Ann: Appendix 3B - exercise of options, page-2

Well crunch time is coming for the options. While clearly there will be a lot of options not exercised given where the TLG share price is (or perhaps has been pushed), the bigger question hangs over the top 4 options holders as to their "intentions".

As at the 18 Oct 18 list (on the TLG website), Smedvig & their friends Pelmer held 13.4m & 1.1m respectively (together over 33%). Mark Thompson himself held 3.6m (8.1%) and JP Morgan held 7.2m (16.5%). So overall, those 4 held 58% of the outstanding options at 18 Oct, worth over $11m IF exercised.

You wouldn't be hanging your hat on JP Morgan & their clients, and $1.6m is a lot for MT to commit to as an individual.

So that leaves Smedvig & Pelmer to "support" Talga by increasing their holdings at 45c - or not. Smedvig certainly could not acquire 13.4m TLG shares at 45c on market easily, so we'll see how committed they are to TLG (remembering they received the options for free).