Couldn't it be argued that the extra water would have a positive, rather than adverse effect on English water supplies and therefore the Secretary of State's power might not be exercisable?
Its puts and calls are typically exercisable up to six months at prices 20% or more below (or above) the market values of the underlying securities at the time the options are bought.
Schultz already owns almost 28 million shares of the company, including more than 6 million exercisable options, almost 4 percent of the outstanding stock, yet still the compensation committee keeps loading more and more options on to his plate.