Their maths dont add up.

0.1 bars per block.

1 block per minute.

1440 blocks per day.

525600 blocks per year

52560 bars per year.

3.5 premine = 3360000 bars.

it will take 63.92 years before the public has accumulated as many bars as the premine.  Giving away 0.5% to 1.0% of the premine will not bring this into an acceptable range either imho.