PlainoJust to clarify my previous post, options in the demergers...

Plaino

Just to clarify my previous post, options in the demergers provisions are known as adjusting instruments. Basically you can have situations where option holders CAN or CANNOT participate in a demerger.

Option holders CAN participate in a demerger WITHOUT exercising previously as long as the proportion of the number of options is more than 10% of the number of options + shares.

example 1
1000 shares + 10 options = 1010 equity
10 / 1010 = 1%
therefore option holders would need to convert to participate

example 2
80 shares + 10 options = 90 equity
10 / 90 = 11%
therefore option holders could particpate without covnerting.

hope this clarifies. in GAU's case don't know. will work out and post later