Using the more recent Appendix 3Bs will illustrate that there...

Using the more recent Appendix 3Bs will illustrate that there has been no effect on the value of BQT shares:

Appendix 3B June 30:

149.9m quoted
16.2m unquoted ords
19.5m 'in the money' options
-----
186.6m BQT shares fully diluted.

Appendix 3B July 6
166.1m quoted
19.5m 'in the money' options
-----
186.6m BQT shares fully diluted

We could even ignore the options and isolate the number of shares, quoted or unquoted:

June 30:
149.9m quoted ords
16.2m unquoted ords
----
166.1m total

July 6:
166.1m quoted ords
0 unquoted ords
----
166.1m total

Expected cashflows are the same. Because there has been no increase in the number of shares there has been no change in the value of each BQT share.

Tex you were right that an Appendix 3B needed to be issued, but incorrect if you were attempting to say there'd be any change in the value of BQT shares. Any analyst worthy of the name will have counted the escrowed shares in the total.