Mitis,
Agree with your interpretation of the option offer - I'm in the same boat with just over $10M oppies at an average of 0.0025 (paid around $26k)and it appears to be a lifeline if (and it's a big if!) they can get the price of the ords moving.
If that happens we could see a fair increase in the price of the new option given the time value it will add.
What I don't like (and am furious about) is the exercise price increasing from 3 cents to 4 cents - in my opinion they didn't need to do that at all and there is nothing in the explanatory notes by way of explanation if it was an ASX requirement. Feels more like they are changing the goal posts once again.
At this stage not sure if I will take up the offer but it has all but guaranteed that the expiring options are now worthless unless there is a substantial movement in the ordinaries between now and expiry.
Encourage anyone else to put their two cents in (but lets try and keep it civil cause some of us are hurtin').
GPN
greater pacific gold limited
