General Discussion, page-5878

The CR was offered to shareholders because they always complain when they dont get the opportunity.
They didn't need retail holders to buy in, its more costly to do so for the company.
The reason there's a difference between retail and sophisticated is because sophisticated dont whinge when the SP doesn't exceed the strike price. Sophisticated don't decide whether to invest a further 2m into a company based on the SP being 2 to 4 pips away from the strike price, if citicorp think Unith is a winner they will convert the options.
Retail holders like yourself think far too narrowly.
If next week we hear that over 50% of the options were converted, plus the capper disappears, and the SP runs, you will wish you had converted your options.

The sophisticated investor doesn't care about any of that, they decide when to let it run. Usually when they are full to the brim.

MMM