SC-latest press release

[davidfrank]

In their latest press release, the company's new management stated a plan for expansion of its operations into the global software market via a series of acquisitions in Asia and Latin America.

the company's new management stated a plan for expansion of its operations
the new company's management stated that they planned on expanding its operations

the company's new managers stated their plan to expand its operations

the new company managers stated their plan for its operations, expanding

the company's new management stated that they planned to expand its operations

The correct answer per the test is option3. My question here is what is the antecedent of the pronoun "its". If the antecedent is "Company", then "Company" here is adjective, modifying managers.Please explain.

[tim]

"its" is a possessive, as is "company's", so everything matches perfectly here..