We're Ready, page-395

Fishies,

As far as I can tell, the Company has done nothing to encourage punters to convert their options - haven’t seen a reminder letter

my view is this is strategic - the major SH doesn’t want dilution undermining their (significant) control. Remember, when they convert their 500m next year, they will have over 50% for doing nothing, and at no control premium

We have yet to see any notice of recent conversions - maybe today, but certainly next week, given TT has converted a few, but given the small amounts of selling recently I would think right now there closer to 80m left

As a small shareholder I would like to see them all converted, purely from a control perspective.

what makes you think the Company can ‘offer out’ unconverted options? IMO, this can only be done via a formal underwriting agreement prior to expiry

The silence on all these fronts just reinforces my view that our major SH will be delighted to see these expire