That’s why I used the term all Lex, what he can do is take the cash over and above the strike price and then use that to exercise the balance. It basically removes the need to convert and sell some on market to achieve the same outcome. Or alternatively use that whole options series to convert an amount of the other options he has. Nice to have options!
And well done to you Lex, there are plenty of true believers sitting on decent gains with an understanding of the endgame.
Ann: Appendix 4D and Half Year Financial Report, page-27
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