Ann: WGB announces Bonus Issue of Options to all shareholders, page-28

With an options issue like this, there will always be a spectrum of people who are positive through to negative.

Because the benefits or otherwise depend on assumptions (do you believe the team's stock picking continue to drive an increase of NTA or not with more funds under management?), investment timeframe, existing shareholder versus someone considering buying soon, in the mid term, or longer term, individual financial capacity to exercise options, how you expect the effects of dilution to play out (some will benefit at the expense of others), etc etc.

It's fairly obvious that Geoff Wilson and the team will view it positively, because it increases funds under management, fees they collect, etc. And the members of the team who hold shares will view it more positively than other shareholders (in otherwise similar circumstances) because they benefit from those considerations.

Personally, I haven't decided - yet - what to do with respect to the options.