Ann: Option Shortfall Underwriting, page-17

The options were in the hands of long term shareholders. 50% of them held by the #1 holder I believe.

If they convert and do well out of it, that's a reward for being invested for the long run. And they would tend to HOLD.

We are talking about handing those options to sophies who didn't earn them and may have no long term interest in the company. Just for a bit of cash? At 1.1c?

How many of us would be willing to get into a small raise right now at say 1.3? Or 1.4?