LHG (previously Myriad) bought 51% of Litha Healthcare for R114m, partly funded via a R100m rights offer at 80cps and simultaneously concluded a put and call option for the acquisition of the balance of the shares in the latter via the formula you described. Prior to this, it performed a share buyback of 34m shares from the Shapiros - previous management - at 85 cps. Also acquired the remaining 74% of Pharmafica not held by Litha wef 1 March for R58.9m in cash. Combined, these acquisitions allowed diversification into biotechnology (vaccines) and pharmaceuticals, in addition to Myriad's medical consumable and device businesses. The soon to be published June interims are required to properly value the business and its prospects, given the significant changes in size and scope, but it seems a steal at 100 cps. Omo