cr?, page-18

One way to not scare people with the prospect of a CR in the short term is to not talk about it like it is inevitable that it happen... cart... horse...

"Have you seen this in the past?"
I haven't seen anything explicit of that nature, but I know that there have been cases of companies issuing replacement options, and in the case of BKP a CR placement being done by giving all existing holders an equitable chance at a first bite before looking for big investors.

(pure speculation and self-interest from here on in)
The company can pretty much structure a CR any way they like, as long as they get shareholder approval if the CR goes over a certain size threshold (cannot recall offhand what size).

I'm obviously horribly biased having been an option holder myself, but if a CR is done in the future I'd really like to have a chance to participate myself based on the options I held (maybe at some fixed ratio to the number of options held at the time of expiry). And maybe they could even attach some new free options to the shares to sweeten the deal without having to discount the heads too much. Obviously that's all up to the company to figure out though.