No the issue imo is whether if there was any party behind these guys that wished to up their stake in XEL, or simply maintain % that they have until FDP time and after. If they wanted more, in view of the bountiful future we are led to believe lies ahead for the company and sp with this FDP approval, they can buy at the current very attractive price in relation to the strike prices for the warrants, the balance of the warrants they are entitled to but as yet unissued.
If by this action, or positive news comes out in the interim, they have the option to buy more as and when the warrants expire. Or, if they have had enough of XEL and simply want out, as and when the sp bounces up we hope, they just hold what they have and wait until then to sell.
As I say though for any incoming jv partner buying at the current price, discreetly, is a no brainer compared to cost of what they must have agreed to to come in.
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