Thanks for the clarification.In this case, wouldn't it be best...

Thanks for the clarification.

In this case, wouldn't it be best for AZX to do a (less than 15%) placement that is not heavily discounted to Bakersteel or GGB as both parties would like to see the merger succeed?

If not then wouldn't it be best for AZX option holders to exercise their options now as they are going to expire in dec 2011. As stated in the announcement, it would be ridiculous for those option holders to get new options in BBG by the time the merger completes (ie. very little time given to them to exercise).