Also as a holder it is in your interest for SAS to raise the capital they need. If everyone just brought on market that would not happen. However it is only available to existing holders, so as a new investor you had to buy on market. Now that you're a holder you will be able to participate. Management buying in is a good cue that it is a reasonable time to enter IMO, so well played there. The way I see it is in 2-3 years either SAS will be worth nothing or much more than 5c. So if you have the appetite for the risk, this capital raising is a chance to get twice the shares (half being un-exercised options) for half the exposure. You could even sell the shares for 3c, still break even and free carry the options.
