Ann: Loyalty Options Shortfall Notice, page-50

I think if you were involved in even a small amount of deal flow you would know it's pretty crucial to get a guide of what options are worth prior to listing. How else would you come up with an overall price for a capital raise that is structured with attached options? For example - I can only assume you were invited to the IHL Placement 2 years ago @ 7.8c with their 1:2 option @ 8c - the true purchase price is reduced by the value of the options. Or what if ALB structured it differently and stated - options will be issued for 10c? if they aren't already traded and a market hasn't been established - do you value based on your mentality of "throw your B&S calculation in the bin when the options are tightly held. It’s a function of supply and there won’t be much" - so you buy everything you can get?