I do not think that the existing options can be legally extended as they were issued under a Prospectus. Happy to be corrected by some one more knowledgeable than myself !
What could possibly be done is for the company to have another fpo rights issue, at a nominal price, with a free attaching option and preference for any shortfall being given to those who held the 2009 options at their expiry date. I do not think that this could occur until the 2009 Options have expired.
This line has been followed before and the most recent proposal, of which I am aware is that by Range Resources (RRS). If anyone is interested they can find the details in the recent RRS announcements.
Best wishes,
TerryA
THR Price at posting:
3.1¢ Sentiment: Hold Disclosure: Held
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