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Ann: Investor presentation, page-12

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    The two options series have different strike prices. PABO is 2c which is less than the current sp hence in the money. I never exercise options a long time before expiry, part of the premium you pay is the time to expiry. The exception is for very large options holders who want a vote in an upcoming agm or extraordinary meeting, as no votes for options, fpo shares yes.
 
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