This would make much more sense. HMC will raise 25% of what they initially intended but if they get their act together they will have a chance to get the options exercised.
They also can do a spp down the track to raise more funds.
Also, by making it 1 option for every two shares held will ease the dilution problem.
By issuing the options at 0.5 cents each at a 4c strike also adds value to shareholders immediately instead of down the track.
