"My skeptical view is that the funds were a struggle to get,...

"My skeptical view is that the funds were a struggle to get, hence cheap options were required as a sweetener, just to get them interested. I also fear that they wanted more $$$ but this was all they could get. Now, I cannot substantiate those comments, but fear this is the situation."

Split - my understanding is this is the amount they could legally issue under the 15% rule, without coming back to us (irate) shareholders and requesting a vote for the issue. So this is probably as much as they could get without additional cost.

Understandably if they came to us with such a proposition in its current form, for dillution to sophies, and not a SPP, then I know alot here would vote it down.