Maybe think of it like this:
Option 1: Galan fails. The “free” options are worthless and the sophs bought heads at 46c and likely flipped them for a tiny margin (or maybe a loss).
Option 2: Galan succeeds. The “free” options cost you 65c to exercise, so your average price ends up around 55c (which is a touch above the share price when the deal was done) albeit with a 5y tail on a bit more than half the cash.
When you think of it like that it’s actually not such a bad deal in the current climate.
General Discussion Banter GLN, page-14106
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