Far East Cap, page-58

Yes and no,

if you don't have the options then POTENTIALLY you do not have the funds to find the alluvials which in fact increase the SP due to potential and sheer sales ! correct ?
Therefore, the SP would be lower than any dilution caused by the options ! Correct ?
So, in fact the options are responsible for the SP to rise all be it that they also dilute it, so as long as the money is used correctly then the value of the SP rises more than the "damage" caused by the dilution of exercising the options.
I sound like the riddler