There's now 65m options in the money, representing over $2.5m in cash on conversion. This would give them runway to end of next year on current burn.
The positive of these options is that they are well concentrated, particularly in long term holders. So less churn that other companies who've been decimated by conversion.
We will see if Bevan is going to keep pushing to 19.9%, and if there's gonna be more to this rally with these options creating a headwind.
Ann: Change in substantial holding, page-21
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