It's starting, page-9

Cashtrain - if you were a slightly longer, LTH (long term holder) you would have recieved the options as "loyalty options" - that's the bit that will sting if they expire out of the money, with the majority not exercised - or, if the holder, because it doesn't make financial sense to convert, sells them off for nothing - only to have FGR make an announcement at the 11th hour, driving up the price sharply. Meantime, an insto or soph investor who "somehow" felt they were a good investment, has also hoovered them up at the 11th hour, and profits. That will also sting.

Just playing out scenarios.