I've just read UPD's prospectus and noticed that the CDIs traded on the ASX are equivalent to 1/25th of a UPD share.
The only people who appear to have a direct interest in shares are employees who have options to purchase shares.
The employee option exercise price appear very low e.g. options issued in 2016 had $3.50 exercise price, this is equal to a CDI price of $0.14.
UPD have granted employees 4.1mill share options, equal to 24% of the 17.1mill total shares on issue, all the options look like that are at low exercise prices.
Not sure if I want to hang onto UPD CDIs that will get massively diluted in the future.
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