CGT for option sale, page-7

WGB options issued to TGG shareholders will have a dilutionary effect (assuming the WGB NTA remains above the option exercise price of $2.54): any WGB options that people exercise will decrease the WGB NTA per share. In a perfect (imaginary!) world, exercising of the options would not impact the share price much as the expected dilutionary effect of the outstanding options is likely already factored into the share price. Outstanding options with an exercise price lower than the share price (but above NTA) will tend to hold the share price back from increasing in line with NTA increases.

On the other hand, WGB shares issued to TGG shareholders won't dilute anything, or have a meaningful impact on after current tax NTA as the conversion is being done based on after current tax NTA values. However if many TGG shareholders try to quickly sell the WGB shares they receive (eg. because they don't want to remain long term WGB holders) then that may put some temporary downward pressure on the share price.