Ann: Appendix 3B Exercise of Options, page-14

Its a hard one to pick, if it was my choice they would already be exercised, no taking it to the wire last second stuff. Armada typically take risks with others money. I do note that they do sometimes take direct equity stakes as per their web page.
My thoughts are, there is a three party dynamic going on
LPE who did not appear happy with Armada
Bell Potter who have exercised the most control of LPEs share price
Leaving Armada weighing the risks in playing BP when offloading after escrow expires, against the actual prospects of LPE, rather than the immediate shareprice
Bell have a position of dominance only exceeded by the directors holdings (Their interests seem aligned) and will make the price to whatever suits their strategy. I believe their strategy is to make this a difficult decision for Armada, so wont be surprised to see a dip today to add a wee bit more complexity.