I imagine these are employee options that are being bought out...

I imagine these are employee options that are being bought out by WNI. They would still have a Black-Scholes valuation, even though they are out of the money (e.g. director options are taxed immediately, even though they are by definition out of the money at the time of granting).

But this is only a tidy up exercise. Conversion and sale to WNI does not increase the % that WNI holds, as for every 1m options exercised, the share capital also increases by 1m shares.

BTW, since I recommended this as a ST buy at $2odd, and bought, I am up nearly 25%.