"...........So does that mean a new owner is bound to the same conditions as the previous owner ? I would have thought so, but I'm not a lawyer..........."
If I'm understanding you correctly here Pete you are saying that there may be a possibility that in the case of a surprise buyout we may lose the ability to convert our options after? If this were the case I would say that for many LTH's this would then become a no-brainer and most of us would convert. Some would need to sell some head shares to fund the purchase (does this explain the drop in SP yesterday) while the more well heeled would simply open their wallet. Either way PAA would get a kitty top-up and increase their bargaining power with BP prior to any such deal being made. This is obviously a VERY important question so yes please, if anyone can shed light on this matter please do.
MT has orchestrated a means by which we have a short term way of converting oppies through Bpay. Obviously he would like us all to convert to reduce the amount of extra cash he needs to raise from other means. But maybe also because he is looking out for SHs interests? OR both?
MT mentioned that some options had started to be converted, I suppose we'll start seeing ASX notices next week confirming this. I think one thing which may prompt SHs to convert would be if we saw ALL the BoD convert ALL of their options with no sell down on their head shares. It would be a nice vote of confidence. The top holders also hold millions of options, I don't think they would like a deal which had the chance of cancelling them. If they start converting on mass IMO this would be very telling. Suffice to say, I'm watching very closely.
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