I'm thinking it reflects the fact that the price was languishing below the strike price and so people chose to pick up their "extra" shares on the market at a lower price.

But I have to admit that I, too, was surprised at the low take up rate. Combination of the above comment and ongoing uncertainty regarding the DA probably made people hesitant. Anyway, I'm hoping we get some DEFINITIVE and POSITIVE news before long. I keep reminding myself that the Sultan's people as well as the head of the MOT are now fully behind this in terms of their communicating to their people to get this done as soon as possible.

One thing that I thought was curious was mgmt's "decertifying" the shares that weren't picked up. I know that was their plan all along, but I would have thought it would be good to keep them as Treasury stock to be issued at a later date if warranted. No matter, its just paper work with the SEC to issue new shares if the company wanted to do so.