we lose due to mgt incentives n market?, page-9

Serendipity

check page 8 of the AGM notice issued 26/4/12 = the fine print on the options.

The options also have a price reset mechanism over them:

(iii) however, if the Company, either directly or indirectly, disposes of more than 50% of its assets before 1 September 2012 then the Tranche 2 options:

(A) may be exercised at a price per option equal to the VWAP of the shares of the company on the ASX over the 20 trading days starting on the 21st day after the sale of the assets has occurred; and

(B) may only be exercised when the VWAP of the shares of the Company on the ASX over a period of 20 consecutive trading days exceeds 150% of the exercise price as calculated in subparagraph (A) immediately above;