well you will get 1 option for every 8 shares so ~13 options...

well you will get 1 option for every 8 shares so ~13 options which you can exercise at any point for $35

I'm really not sure what this does.......perhaps it meant to keep existing shareholders around (i.e. why would you sell your shares at $22 if you believe that it will rise above $35), but it could have the reverse effect once it starts to get close to $35 and likely to put somewhat of a ceiling or at least a drag on the shareprice once it starts going above $35

I'm scrathing my head given they are well capitalised, are not doing any further investments, and also potentially a buyback (arguably that my be a half decent idea if they progressively do buybacks below $35 and then issue new shares at $35 when people exercise their options)