Mick i dont believe sharholder approval is required, MC has the options and he can at anytime convert however many he wants. He dosnt require permision as he is the owner.
The problem he may face is when he does convert that his holdings may force the full takeover rule, what the percentage is im not exactly sure as i thought it was 20% of the company, i believe he is already over this percentage.
cap raising, page-50
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