Ann: TNG Confirms Demerger Proposal of NT Base Metal Assets, page-9

The demerger cannot proceed until it is approved by the owners (that's us, the shareholders). Sure, it is a foregone conclusion because the majority shareholders will swamp us guys (not that I am against it - just the opposite). Also the demerger proposal will probably set a date that will be the date where the number of shares held defines a shareholder's participation. I expect there will be good notice given so that options can be converted. Also, the more options converted, the more cash they get in. It is unlikely (in my view) that they will make it difficult to convert.