And there is the feel-good factor with the philanthropic angle...

And there is the feel-good factor with the philanthropic angle too, so very happy all round with this. Thinking of taking up more if it drops, regardless of options. I'm just wondering what the effect will be when/if all options are exercised by the due date. I note that only few percent of options have been taken up to date, so assuming it rises above 1.1 and all are exercised, how much will that dilute the SP?
I'm not too experienced with options on LICs, but there seems to be a disconnect between the option price and the difference between the SP/exercise price here, whereas other options can track more closely. Is this just because they can trade +/- NTA?