American Capital's Pre-Split Value Per Share

Seeking Alpha posted my article ("American Capital Ltd.: What A Share Is Worth") outlining the company's post-dilution NAV in the event all outstanding options were exercised.  What's not yet clear is how the impending split effects the options.  If they're not repriced, then any options not exercised before the dividends are paid will be worth quite a lot less.  It'll be something to watch as the transaction unfolds.