I’m confused what’s going on with the options and would...

I’m confused what’s going on with the options and would appreciate if anyone could help.This nothing to do with automic. It’s me.

I have been enjoying teaching myself about investing in general, but find myself ignoring discussions around these race options. I’d like to see a different kind of discussion too, not just the practicalities of converting.

The first set of options were very easy to figure out. But this round is more confusing to me, and the mess with automic really hasn’t helped.

So I think am being offered a bonus option for every share I have. And each one of those I buy will get me three piggyback options.

I’d like to understand this concept and structure a bit more, although I’m pretty sure I will convert my options (and least the initial offer). At this stage I have two questions. What is the point of piggyback options (from the company’s point of view)? Seems like a good deal for shareholders but I can’t understand what’s in it for the company. Unless it’s just an incentive for people to convert during tough times?

Also, why did race give people a full year to exercise these? Don’t they need the money sooner? Won’t most people wait and see ‘if the ship is turning’ before committing? Apart from nice surprises (which some people might be expecting) it seems like the next 12 months won’t deliver anything major. So the share price is likely to stay where it is (or even go down). I can’t understand what they think will sway people who aren’t willing to convert right now. Could it show confidence the share price will rise over the next 12 months?

In general I am trying to speculate on what dr T and the board are thinking based on this offer. But that’s way beyond me, so would love to hear other people’s ideas.I was actually going to ask for practical steps on how to convert. But I’ve realised I’d like to understand more about the deal on offer first. Perhaps people smarter than me could probably work out the logic behind the offer. Maybe…

Is that how it works? Is it sometimes possible to deduce what is going on in board members heads, or get clues about what might be lined up for 2024/25 based on the structure and details of the options?