Ann: Cancellation of Unquoted Securities (Options) MMLAO, page-3

I think more likely they were not excersised because the sp was lower than the conversion price...ie cheaper to buy on the market.
So option holder let them expire and kept his money or bought the shares for less money than the the conversion cost.

Neutral for me.

I note our ceos options range from 1 dollar to 1.75....that he has been awarded as motivation
Meaning to make it with his while. .the share price needs to be higher than 1 dollar initially, if say at 1.30 he can convert for a dollar and hes in the money.

So come on Boyd make the next quarterly a Ripper ! Ahem ....and some good news on reserves and e15 shaft if you read this


Cheers to all long suffered tc.