I read it as all shareholders. Incentive to keep shares and also...

I read it as all shareholders. Incentive to keep shares and also to buy more, or come onto the register before the record date.

From an email I received regarding the IPO-
LOYALTY OPTION: The Board also intends to offer all shareholders on the share register at ~3 months after the ASX Listing, one option for each 2 shares held at that time. The Options would have a proposed strike price of $0.30 per option and a 2-year expiry date.

also from the Prospectus- In addition, subject to completion of the Offer and listing on the ASX, theCompany presently intends on undertaking a pro-rata offer of loyalty options toexisting shareholders registered on a record date proposed to be on or about 3months from the date of listing. It is expected that these options will be issued ona 1 for 2 basis, with an exercise price of $0.30 and expiring approximately twoyears from the date of issue. Subject to compliance with the Listing Rules, theCompany also intends to apply for quotation of these Options.