If you don't exercise then your options go to the underwriters...

If you don't exercise then your options go to the underwriters and they sell off the shares to someone else, theoretically at a premium.

I am not too sure how happy I am to see the architects of the whole options mess underwriting this, but in the end EGA will have the cash and we should have the DFS sometime in the next 4 months.

I will be really interested to see how the SP responds post the halt. The options underwritting will take out a lot of demand, but at the same time it will remove the selling to pay for the conversion. Has anyone been through anything similar in the past?