Hi Bas,
you make some good and valid points.
The rationale for my thinking is that the funding package is very back-ended in favor of the financier so makes sense to pay it out before certain trigger points are reached.
Whilst offering a larger option series is somewhat counterintuitive the fact that it is ending up in friendly (existing holder) hands is preferable to a lesser dilution that will be dumped on market to the detriment of the price and holders.
I would also add that it would have been extremely prudent for the company to sound out the exercise appetite of the larger option holders prior to taking this action.
cheers
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