market reaction to total, page-76

Superhard wrote:
"1. re: exercise of the unlisted CTP 12c Options and your claim that Cottee indicated in the June meeting that he was going to IMMEDIATELY ask the holders to exercise those Options (at 12c)

==> Given that the CTP share price only exceeded 12c for 2 trading days in June (20 and 21 June), and in fact traded at below 10c for most of June, no one in their right mind was going to be so generous as to part with a 20% premium to acquire a share when they could get it 20% cheaper on market. (I also do not recall your 'IMMEDIATELY claim)"

RC did talk about asking "Sophisticated Investors" to exercise their options in the shorter term - I don't remember if he said immediately, but my impression is he meant over the next few months.

I seem to recall that he explained that he will make them realise they are better off exercising early to keep the company liquid than having the company fail and their shares and options be worthless. Even if it meant exercising the options before they were in the black.