Well they did have on page one in bold, "Current TNRO holders are encouraged to participate in the Rights Issue by converting their options prior to the Record Date". It is a very attractive deal for holders of heads prior to the record date. Hence, I see a very reasonable level of conversion occurring prior to the record date, as well as demand for heads by others who wish to also obtain the new oppies.
Ann: New Options Rights Issue for Shareholders, page-7
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