David, you understand correctly. Read the previous posts for...

David, you understand correctly. Read the previous posts for fairly accurate and relevant analysis.
the options are yours without cost. The only reason that you would take them Up is, if the SP was above the options, you wanted more GC1 and the SP was rising meterorically and you expect the SP to exceed the piggy back offer at .95. I don’t really see why MG has seen fit to issue the options other than to increase the number of shares on issue and lower overall costs. He has by his own admission, been in the market at 50 cents and has already made a 30% gain, at 75 cents, it would be a 50% gain. While we are his “fellow investors”, I don’t have the funds or knowledge of MGs thinking, or actions in relation to opportunities to go in boots and all. Only time and the monthly reports, and the economic situation and CONVID will indicate if MG can get the fund up to, and over the options price. The expiry date of 2021, may prove to be a bridge too far. Simplistically, I think this offer was a “punt” by GC1 and probably an unnecessary expense in having hard copy prospectuses printed which will probably prove worthless.
The best proof of MGs performance will be a rising SP, glowing monthly reports, an increasing NTA and an increased SH base. Until that happens, GC1 will just be another small LIC trading at a discount to NTA.