Since it seems there may be a bit of confusion about the new option grant. Let me try and clarify.
At the last AGM the BoD asked for some options that they could put in the bank for distribution to new talent and for incentives. They also did not award themeselves any options (which we all praised). So after the AGM theybhad 20% of the float worth of options in the "bank" they used these options for new hires and to award the technical staff through out the year. If you want the exact amount it is listed in the circular. So now they are asking for 5 million ( rounded) more options at this years agm. That is approximaty 3% of the current float which will bring them to 32 mill (rounded) or 20% of the current float. These options and all options awarded already (and warrants) would be subjectrd to any reverse split at the same ratio. But the net of that transaction would still be that management has 20% of the OS worth of options at there disposal. Which is why most of us use the FD (fully diluted) share count to project SP. I have never seen them award half of the options they have in reserve but in a buy out you can bet theyvwould get awarded. Hope this clears things up.
Bcd
