performance options, page-17

JIMO, we agree on this: "if the price is right and fits the exit strategy, why won't they sell"?

Its just I think their strategy will be to maximise their free carry profit potential, rather than take advantage of ST spikes in the SP to exit gradually.

After all, as you point out, it's not easy to sell 250m shares in WHN without materially adversely affecting the SP. Selling out via a takeover would, imo, maximise their profit, as they would in effect dictate tany takeoffer price.

In any event there should be a lot of (good) water under the bridge before the performance shares are exercised.