Ann: Proposed Grant of New Options to NOROA Optionholders, page-47

I agree with you other than the potential downside. NOR is basically placing a bet for it's own shareholders. 200K now for "free" but if the options end up in the money shareholders face a 40+% dilution and an immediate 30% depreciation in their holdings. There are other ways of raising the money. The test is - does this meet the fiduciary duty of the directors to look after the best interests of all it's shareholders?

A small number of shareholders and NOROA holders will reap the benefits while everyone else takes a hit.

I said it earlier and I'll keep saying it.

You can't unscramble eggs.