Not sure if my hypothesis are viewed as part of the downramping,...

Not sure if my hypothesis are viewed as part of the downramping, but lets ask another option:

If Gina is not successful with her takeover (say she decides not to increase the offer, declares her offer final and then holds her stake in AGO) and Twiggy have close on 50% and AGO United have another couple- can the board be spilled and a new one appointed?
Does that mean the options that would have matured in 2021/2 or be paid out on a takeover will remain till then or would they just be cancelled?

If cancelled, then Karma may just be the bitch biting people who sell the company short with so-called fair value statements in the proverbial rear end.