"OZ Minerals Brazil is not making a separate offer to holders of Avanco Options. However, Avanco Option holders whose Avanco Options are converted into Avanco Shares during the Offer Period will be able to accept the Offer in respect of the Avanco Shares which they are issued. In addition, if OZ Minerals Brazil becomes entitled to compulsorily acquire all Avanco Shares, Avanco will make offers to each holder of Avanco Options (other than Key Management Personnel) in a form approved by OZ Minerals to cancel each of their Avanco Options for a cash price equal to $0.07 per Avanco Option. See section 6.7 for further details."
I completely misread this the first time around and I suspect others have as well...
I assumed the directors would just get paid out for their options....however from the reading of this they will need to exercise and put into the offer....
Wonder why they have waited this long and at what point they would exercise....
I guess they are waiting for it to go unconditional like everyone else....
The big if.....and imho we are still at stalemate b/c I do not believe the directors will pony up and commit unless it is unconditional first and there's still 8% to go.
The 15% in funds will not commit either i don't believe.... The Rivkin-type funds will also maximise value and would probably hold out if they saw better value down the track, rather than sell into the offer. They wn't blink imho until it is unconditional.
Imho we are at stalemate until oz either gets their 50.1 without the oppies or goes unconditional before.
I'm sure you know a hell of a lot more than me about the inner workings here, but I still believe you are being a bit premature...
AVB Price at posting:
17.3¢ Sentiment: Hold Disclosure: Held
