I won't be unhappy if AVL let the unconverted options die then...

I won't be unhappy if AVL let the unconverted options die then release the pfs in mid January. This will give the sp clear air to run and they could then undertake an equity raising equal to the amount lost from the expired options.

Vince said they need the full amount of cash from the options to fund the company through to the bfs stage, so the options will be either underwritten or the company will raise the cash shortfall from a placement. A placement will take longer and will no doubt be done at a discount to the prevailing sp at the time. I guess they will have a plan in mind which will depend on the takeup of options and the pfs timing. If there is only a small number of options unconverted, the company will most likely just underwrite them to have certainty.

Either way is fine by me. The sooner the options are gone the better.