@grabeach good thought process. I don't think there is anything...

@grabeach good thought process. I don't think there is anything untoward about MG putting more money in at any point, its actually gives me some comfort. If he did it to get a few more options its only of value if he thinks they will be in the money at some point, where he will have to invest again. In which case we are looking at a 75 share price. I think the bigger risk is that he keeps buying and we end up with him owning 20% like CDM and Karl and we all know how that went. @grabeach he did articulate that he though the shares were quite cheap for a few weeks in their newsletter.

I had reduced my exposure here somewhat to fund other opportunities but would like to see NTA higher also but I don't think that the options have any impact on that. I dont know why they did this. Option exercises rarely ever have 100% take-up even when in the money, so it won't make GC1 much bigger. Sure if the share price is $1 will be nice to get some stock cheap. IF it gets there. The share price needs to go up 20% from here to actually get to 75. From here thats a good return if the markets return to some sort of normality.

Not sure I agree about an overhang as you cant sell the options, its 20% at 100% take-up and most likely 50% take up so 10% overhang, negligible. My view on LICs always best to sell options on day 1. Don't have that chance here. Normally you get a chance to buy the option back cheaper or even the shares below the exercise price.

Overall my thoughts buy shares now at 63. He will work hard to get SP to 75, sell at 75 and take the 20% return.