Ann: Application for quotation of securities - 4DS, page-65

These long dated options were issued exactly for the situation the company is in now - so that the "insiders" can strengthen the balance sheet without going to sophisticated investors. Think through what happens in a conventional cap raise. There's always a discount. Brokers get their cut. But importantly information has to be divulged, which gets shared in a company announcement. Maybe it's best to keep the publically available information to a minimum at the moment.

If the company is about to head into negotiations, whether it's over the structure of a complicated JV, or an acquisition, it's going to need a strong balance sheet, so it's not negotiating from a position of weakness. It also can use that war chest to pay for people or doesn't have on the payroll - namely lawyers and consultants who will be paid handsomely to seek to get the best outcome possible.

You run the company with other people's money when the outcome is uncertain. (Stealing/borrowing from a Richard Branson principle). That's where all the money on IMEC development has been sourced.

You run it with yours when you have confidence in the outcome.