The above is purely based on SP. One would hope, if you are looking at potential up-side, that the dilution does not come into play as the options will issue at the current SP.
People will be able to trade their options like regular shares (I am fairly certain) prior to the expiry so they would have an inherent value, although that would be linked to the difference between the exercise price and the current SP.
The point being - if people are exercising their options the company is doing well and a bit of dillution should be a non-issue. If dilution is an issue you are probably already in a world where you would not be exercising the option to begin with.
ADN Price at posting:
0.8¢ Sentiment: Buy Disclosure: Held
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