He could indeed want to be categorised as a founding shareholder and retain his shares. Since the election to retain your shares as a founding shareholder was due by 22nd August he will need court approval to amend the scheme deed. As previously pointed out he will be out of the ordinary voting pool.
On the other hand if he pushes for a better deal for all shareholders, even if it was up to $0.80 per share, he would make a nice arbitrage profit, and along with Andrew Kemp and co., almost guarantee the scheme will be approved by the court.
