Went back, did the calcs again with options, back at 5:1 (not 2:1 per vote ann.)
We (BPH) do get diluted, but (hopefully) pick up a larger share of Advent.
If our cap raising money picks up all of the extra 12,000,000 Advent shares then we are better placed than MMR, but a bit behind GBA on a dilution basis. That is with all options being exercised (and BPH's cap raising) diluted exposure to Advent would be:
MMR: 38%
BPH: 19%
GBA: 17%
done deal, page-11
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