"I did not state they were new shares.I said they will be added...

"I did not state they were new shares.
I said they will be added to the quoted shares."

I stand corrected that it appears BQT will need to issue an Appendix 3B (you learn something new everyday!). However, the total number of issued shares will not change. The value of each share (or any financial asset for that matter) is the discounted future cash flows of the company divided by the total number of shares on ISSUE (not quoted). The total number of shares on issue is constant in this case, so the intrinsic value of each share will be exactly the same before and after the shares come out of escrow. I don't understand why it's such a big deal that the shares will now be quoted, it is of no consequence from a fundamentalist's persepctive.

For the record, there are:

142.1m quoted shares
21.9m (approx) options 'in the money'
-----
164.0m shares in BQT on a fully diluted basis (source: Jan Appendix 3B)