nzo new high, page-27

Yes exactly Cugel.If they were to earn $100 million per annum from Tui & Kupe over the next fifteen years ie 38.5c/share currently but it'll be 25c/share if the options are exercised - so if they establish a payout ratio of 60%(which would be reasonable IMO)then the dividend on current shares would be 23c/pa but only 15c/pa if the options are exercised - so we'd be getting over 50% more in dividends if the options aren't exercised - and I'll leave it to the imagination how this translates into an increased shareprice but based on a P/E ratio of 8 then the shareprice would be $3 compared with $2 - so an increase of 100% from now compared with 33%.I know which increase this greedy shareholder wants.
Let optionholders keep their option money as I'm sure they'll be able to earn more with it than you'll get in extra dividends from NZO.
And they'll be still ample funds for NZO to carry out these expansion plans of theirs in a measured approach - give them an extra $210 million in June & the pressure will be on Directors to do something with it immediately - dangerous stuff.