Horses for Courses, page-13

You said it yourself, shareholders will have a 3 for 1 option at 1.02. So where the incentive for new investors to buy in unless its at a bigger than usual discount to NAV?

For arguments sake, the NAV is $1 and it trades at a 10% discount at 90 cents. No dilution threat

Lets say the NAV then goes to $1.30, why would the discount remain at 10% given at 1.17 options are being exercised at 1.02?

Thus the NAV will need to be above 1.30 for a 1.17 share price because of the option made available to existing shareholders.

Like I said, this option will act as a headwind in the share price.