If you have 100,000 shares you will get 5000 bonus options and if you convert those you will get 15,000 piggyback options.
I don't think many people are understanding how much the piggyback options are worth. Even if the SP is at 50c in June next year, each piggyback option is still worth 16.2c via Black-Scholes. Assuming this, any shareholder who converted the bonus option would lose 25c on the conversion (50c SP - 75c cost), but gain 3 piggyback options worth a total of 49c. This is a 24c profit for every bonus option converted.
Ann: Bonus Options Prospectus, page-70
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