Matt Hill and others have a big wad of options too. Sure, they would have to exercise them at 2 cents a pop, but they are capable of shifting the balance. I doubt that the Hills and other large holders who have been rubbing shoulders for the last 10+ years would leave themselves open to low ball takeover offers.
There are a few different thresholds for different things to happen with % share ownership, I'll find post up some good info later.
Massive NZDUSD Upside, page-13
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