I'm with MN on this, the level of dilution if all of the options...

I'm with MN on this, the level of dilution if all of the options are exercised is huge and unless NZO have the nous to wisely use the huge pile of additional cash that will come on the huge pile of cash they are already collecting from Tui it won't do heads holders any good in the medium-long term.

I really don't expect NZO to find a bargain producer to jump into at the moment. Why should they when nobody else can? And if they do buy into something the extra revenue they'd receive per share will be quite small compared with the huge return per share they're already getting from Tui and will be getting from Kupe from next year. So the additional revenue won't be sufficient to avoid diluting their earnings (and most likely dividend) per share. I'd like NZO's revenue per share to be (remain) big, huge in fact! Tui and Kupe can achive that for now and hopefully Mo and a few others will deliver a fair amount of cheap, organic growth.

Say no to thinning down the share value, like thinning paint (or hair) it just doesn't cut the grade. Options exercise = short term excitement & greed = significantly less long term upside for all heads holders.