It is getting close to the first tranche exercise date of the 8.5 mln option that RIO holds. Exercise price AUD 1.95
What will their stand point be? Do they want a bigger slice of the company? if so they have to exercise and pay up AUD 16 mln which should be nice to have in the pocket for GRR. Currently 7.6 mln cash.
It is also the only way to get a sizeable chunck of shares at these levels...
Or will they just leave it at the stake they hold at this moment which is 9 mln shares and see what will happen in the future. The next and final tranche of options are
9 mln exerciseable @ 1.50 on the 28 sep 2010.
Interesting times, would be good news if they exercise, it will show real confindence in the Southdown project.
option exercise rio
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