The complete answer is:
* the options were lapsing in August this year, and could have been exercised anytime up to then
* if Dr T had waited to exercise them, he thought there was a non-negligible risk that he might not have held the heads for 12 months before a takeover
* Dr T thought that the chance of a takeover happening before August this year, and getting the CGT discount on the tails, was sufficiently small to go to the trouble of forking out $400K now, despite not earning any cash from RAC for his 24-hour days.
And this is why he isn't celebrating yet.
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1 | 276 | 1.630 |
1 | 2000 | 1.625 |
2 | 1025 | 1.620 |
1 | 3000 | 1.615 |
Price($) | Vol. | No. |
---|---|---|
1.660 | 601 | 1 |
1.700 | 6382 | 1 |
1.720 | 580 | 1 |
1.730 | 309 | 1 |
1.735 | 609 | 1 |
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