minnow's prime cooper position, page-10

If they do take on options at 25 it would be akin to a capital raising at a small premium for most buyers depending on the price they bought their shares initially. We are actually better off in the immediate future but our future value will be essentially diluted. We use to own 100% of pie, after deal we only own 30%. ATM our pie is worth say 0 so it's better to have 30% of something big than 0% of nothing. On the note of oppies, I wouldn't touch the with so little time to expiry and given the other party so like to keep them as out of the money as possible.