Just trying to figure out why they have structured the offer the way they have, if of course I have it right. It would seem that current option holders are very unlikely to see 10 cents prior to the expiration date of 30 September.
Current option holders therefore appear to miss out, however the way they have extended the ex-date out to 23, would allow those current option holders, who perhaps have no head shares, to purchase shares today to gain access to the new offer.
Any comments?
Ann: Proposed issue of securities - BNR, page-4
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