Leopold, I agree with your sentiment.
Looking at the SPP documentation, this is what I can gather.
Resolution 1 (placement of 17 mil ordinary shares) & resolution 2 (10 mil options) are inter-dependant. It appears that if the options are voted down, so too might the share placement.
However, resolution 3 which relates to another 8.5 mil options & resolution 4 (3 mil broker options) don't appear to have any impact on the issue of the ordinary shares to sophisticated/institutional investors.
Feel free to correct me if I have made a mistake in interpretation.
Cheers
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