Ann: Appendix 3B-MNS.AX, page-13

The answer is simple. Instos who are looking at mns are concerned about the overhang (OH) and for that reason are currently tentative into buying in aggressively today as they fear there'll be selling later. So by that I mean .... as the options become more and more illiquid as the expiry date draws nearer, the only way one is likely to exercise the large quantity of outstanding options is by selling the physical, which could create a mad scramble if left too late to sell mns.. to exercise mnso. So this early action by shareholders to exercise their options is purely to help the company and all shareholders from a big selloff later on that could loom if unaddressed.. Hence the OH..
Instos are well aware of this OH and so too are LT shareholders so we are all working in a rational manner to get the job done without panic or desperation for the company as well as all shareholders. Once the outstanding option volume becomes more manageable the risk of an OH will disappear . Then from an instos point of view there will be no reason to hold off from buying and the difference could be the share price going to $2plus dollars instead of $1plus dollars .. I hope this helps ..