Each deal is custom tailored to the optionee. As you can imagine, some people have higher strike prices than others and as a result, the economics of the deal w

Each deal is custom tailored to the optionee. As you can imagine, some people have higher strike prices than others and as a result, the economics of the deal would change. We typically aim to take a minority position because we want our counterparty to have a vested interest in the shares.