something in the wind?, page-25

Gidday Daning - on 4 Jan 11 I commented as follows on the issue of the various PRU options in BYR. IMHO BYR is a sort of defacto subsidiary of PRU.

Comment 4 Jan 11
Re the matter of BYR options - and the large stake PRU has in the company which is mentioned in the late Nov AGM presentation as 19.5%

It is worth going back to the 3rd March 2010 ann re the deal with PRU.
You see the buyin by PRU was in two tranches total number of shares 34.8mill with equal number of 5c 30 June 2011 options.
Note para 4 under Share Placement states that each of the options carries the right to an 8c "piggyback" option.
These are not listed in any option count in the various Appendix 3B's that are issued.
I have just done a calculation - back of envelope and post 30 June 2011 before counting the future 8c options - PRU will have ~23% of BYR. If they later exc their 34.8mill opts @ 8c they will have 30% (~385mill shrs issued) - not allowing for dilution from the current list of 13.43 million post mid 2011 options with varying dates etc.
So I make PRU's real stake in BYR looking ahead to late 2011/12 at a bit under 30%.
I am expecting PRU to take over BYR in some way - when it suits them.
Already the BYR market cap is effectively closing in on $200mill. Please let me know if my calcs and assumptions are out.