Race options thread, page-140

Volatility is the weak point of option valuations since it needs to be the expected volatility not the historical volatility. Picking a value between 50% and 125% is reasonable. Our accountants use 65% for the option pricing for staff, but this is probably overly conservative.

Whatever volatility value you use these piggyback options are very valuable - between 20c and 80c each and you get three of them when you convert each bonus option. I really hope no shareholders miss out on converting - we will certainly be explaining the value in more detail in the new year.