Well captain - taking the ACC as a possible example and assuming...

Well captain - taking the ACC as a possible example and assuming that they still have their nearly 5 million (4,905,672) Options as listed in the 2007 AR.
Then according to my calculations on that number all that the ACC has to stump up with is $7,500,000.

I'm not sure where you get your $55 million from.

At $7.5 m I can definitely see the ACC taking them up if the head share is up at about $1.70 or more.

And does it matter if they don't. They could sell their stake on the market I suppose which would impact a bit on the Options price but should not affect the head share price.

They would have to move one way or the other. They simply could not let them lapse the way things are headed at the moment.

So far as the McD S report goes. Yes I am aware that it has a "close" relationship with NZOG so I have my pinch of "salt" ( if you'll pardon the use of the word ) when digesting it.

So far as mid June goes - well I may well have the answer provided for me well and truly before then.

As I say it does not really matter to me what the top 20 chose to do with their Options. It's what I do that really matters to me.