bright future, page-5

Agreed as a holder of the heads I would prefer the options not be in the money as I believe dilution will have a more significant impact on shareholder value in the medium to longer term than the money raised.

NZOG does not require the dollars as they have their current program funded and will have a great revenue stream into the longer term. In the medium term you could see their Pike investment being realised (probably 2 to 3 years raising probably +200M).

I would say that if the ops are look like getting in the money there will be a sell down of the heads as if the ops do get in the money it would only be marginally and the subsequent dilution will put added pressure back on the heads.