re: Ann: Notice of Extraordinary General Meet... The price is 5.3 for first 7.5 m, price is at 9 cent and 20 cent before conversion.
No, the price is 9 cents for the first 7.5 million shares and 20 cents for the second 2.5 million shares.
The VALUE of the options (discounted for volatility risk and opportunity cost) - value not price - is 5.3 cents for the first 7.5 million shares and 3.3 cents for the second 2.5 million shares. This has NOTHING to do with the strike price or indeed any kind of "price" at all.
So, the average price to be paid by Mr. Williams, should he exercise all his options, will be 11.5 cents as calculated by gmutton.
I will be voting in favor of this proposal in the expectation that Mr. Williams will be earning his keep.
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