Ann: Chairmans Letter and Notice of Meeting, page-44

Bob, I suspect some of the options were an incentive for big investors to invest.. As an example.. The share price was 2 cents at the time and the company raised funds at this price but as an incentive it gave them some 1cent options.. So for putting in large funds and taking risk the investor effectively got a 25 per cent discount to share price at the time. This is standard in most companies.
However 6 months later a meeting is called for shareholder approval , but the share price has increased to say 3.5 cents, so it looks bad , but what if share price has dropped in this time?
The timing of the meeting should have been much sooner and it wouldn't look as bad .