This appears on the face of it to coincide with the pending expiry of the $1.00 piggyback options previously announced on the 18th of March 2022
https://stocknessmonster.com/announcements/ihl.asx-3A590011/ "Piggy-back Options will have an exercise price of A$1.00, expiring 28 April 2023"
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IMO this also appears to be a genuine outreach by the BOD to current shareholders who will not be able to participate in the above-mentioned previous program due to global macroeconomic circumstances. (Interest Rate increases impacting small caps)
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Well done BOD
GLAH
Ann: Entitlement Offer of Loyalty Options, page-14
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