Thank you @Davisite
If my understanding is correct we will need 50 shareholders to exercise "piggies" to the value of AUD 500 at a price of AUD 1.25 per share.
For the AUD 500 used to exercise the "piggies" the shareholder will receive 400 shares (AUD 500 / AUD 1.25) compared AUD 320 if the 400 shares were purchased on market (400 shares x AUD 0.80) with a premium of AUD 180 (AUD 500 less AUD 320).
Are you able to provide guidance on where to obtain the Bpay code for the "piggies"? I checked automic where I can see the shares exercised for the bonus options but I am not seeing any holding statements for the "piggies"?
Best regards
FDV
Race options thread, page-486
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