Ann: Quarterly Activities Report-RWD.AX, page-19

If The Martu wanted a free carry position then they should have negotiated that. They had plenty of time and independent legal representation.
The 50 cents options is what Proctor negotiated all those years ago.
Their situation isn't any different to those who put in capital at 90 cents or in the mid sixties or at 45 cents.
Azure are out of pocket at the current SP.
Look at how much money Ruane has put in above the current SP.
A lot of holders aren't in the money at 35 cents.
I think we all anticipated that these options would be in the money and the deal did seem fair at the time.