I think the initial rationale for the options was to encourage the Heron shareholders to keep their shares for a few months to see what would happen with the new company. Heron shareholders got a 1 for 10 in specie allocation. Unfortunately, a good many of those Heron holders sold immediately (hence the immediate dip to 17c), which speaks volumes about what they thought about the KNP. Heron had no faith in KNP, and that's why it was dumped into the spin-off. I doubt if you would find any Heron board member on the ARL registry, apart from the now ex-member Ian Buckhorn.
So the loyalty issue did not prevent the initial flush out, but I am happy for the ones who waited to gain the benefit.
BE
Loyalty Options, page-73
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