Options and 10¢ target, page-10

Think I understand you mate as in low average price due to buying months ago. They have still paid more than they have to by 10%. Maybe just loyal.
My thoughts are it’s a little risky if the majority are underwritten at a 10% discount. Which from my understanding is the scenario here. (Happy to be corrected) then the underwriter will flood the market with discounted shares. Ie take a 2% profit once the placement is issued. It’s free money for them and can cause a stall in sp. I’ve never understood why people convert when heads are cheaper