https://lodgepartners.com.au/projects/Looking at their previous work the biggest transaction on the list is a $19 million private placement.
So I don't think they are here to facilitate a takeover at the hypothetical $1B plus. If Lodge had that sort of experience, they would be shouting it from the rooftops.
4DS says they are adequately funded going forward, so as you've indicated, the placement would have to come with a lot more in consideration than just cash for the kitty to be worthwhile. But then why issue options that act as an incentive to boost the SP?
Maybe they are there to provide market research.
(20min delay)