Fair observation @fangulator. Alot will depend on the intentions of the holders of those options once exercised. However, on the flip side, it virtually eliminates the need for another CR anytime soon.
In the right hands, those new shares could well lead to the appearance of yet another cornerstone investor and make things really interesting. Remember the last CR basically went to 3 large (and rather keen) existing T20 holders and I'm sure they didn't overlook the fact there was looming option conversion.
In plain English, those unlisted options may even trigger a bun fight between holders (keen to avoid dilution) while potentially a new holder tries to muscle in on the action.
Ann: Outstanding Results from Shallow Hub RC, page-34
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