Ann: Bonus Options Prospectus, page-187

Very nice work @Boffin99 explaining the value of the options in concrete terms. These options really were designed to reward our loyal shareholders first and raise the needed capital second. The amount of capital we need in 2024 is pretty minor compared to the market capitalisation of Race - we could have easily rung up one of the many brokers we know and done a quick raise to the 708 sophisticated investors (flippers) for $5 million.

To get such a conventional raise away we would have had to give the usual big discount and throw in heaps of free options (my best guess is such a raise would have had to be done at 55-60c with 1:1 90c 2 year options based on other raises done in the sector this year). This would have been great for me as a 708 investor and I certainly would have taken every share I could in such a raise, but not so great for our average loyal shareholder.