Yes, good point SouthernLad,The options are exercisable at 34c,...

Yes, good point SouthernLad,

The options are exercisable at 34c, and can be exercised at any time from the date of vesting (10 September 2019). So as long as the share price hits 34c, they can get convert them in to 1 ordinary share. If the bid goes to 34c, I suspect the share price will go to that level. But in the event it never reaches the bid price, technically I suppose they would not be exercisable.

But in reality, the Scheme Implementation Deed will address this. It will denote the number of shares on issue including the performance rights and options. It will then outline how they will be addressed, and this is what goes up for vote by shareholders (including Management that own a substantial number of shares). So in essence, it will be negotiated. My point was: show me the incentive, and I'll show you the outcome.