Assuming there's a shortfall and shares to be placed outside of...

Assuming there's a shortfall and shares to be placed outside of the existing register. Either way, the end-game is to complete the NZ acquistions, come out of the other side of the issue cash +ve and re-rate to the equivalent of NNG's peers on the ASX. Even with the additional shares in the market, the fair value of the share price at current peer valuations is substantially higher than 5 cents or the 180 day VWAP and probably the exercise price of the options.