If you don't want to convert the options you do not have to and you don't even need to think about them until mid next year. If you don't think the strategy laid out is sensible, and you don't believe Race will deliver, then I am unsure why you would want to remain a shareholder.
I would love to know what you would have thought if we had gone the usual route and raised $30m in a conventional raise. This would have required being done at a 40% discount to the current SP (say 55c a share) with a minimum of 1:1 free 3 year option with a strike price at the current SP - a lazy extra 110m shares on issue. I am not sure even on these terms that we would have been able to get the raise away.
If you don't want to convert the options you do not have to and...
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