My understanding is that the options are not included in the FIRB calculation - but they can only exercise them insofar as it doesn't take their shareholding over the FIRB limit.
But note that if they are approved for the options quantity as well, they don't have to wait until Dec 2015. They could exercise them (plus any others they've bought on market) at any time to increase their voting %.
It remains to be seen if they exercise their rights at all though. OW are clearly happy to be buying at between $1.45 and $1.84. Looks like they've taken hoots' advice on board.
CDU Price at posting:
$1.95 Sentiment: Sell Disclosure: Not Held
