Ann: PBH Announces A$400m Capital Raising, page-21

this should address concerns around the options. This is from the presentation. DYOR

Notes: (1) The exercise price of the retail options will be reduced following the capital raising. There are currently 11.8m options on issue; (2) The exercise price of NBCUniversal’s options will be reduced following the capital raising. There are 66.9m options issued to NBCUniversal.
NBCUniversal does have the ability to exercise these options on a cash-free basis; (3) The exercise price of Penn Interactive Ventures, LLC’s options will be reduced following the capital raise. There are 10.4m options issued to Penn