Ann: Change in substantial holding, page-3

Another thing of note in the latest bioshares report is that while there are just over 150 million shares on issue there are further approximately 50m options out there exercisable @27c before 25th Nov 2018. Packers recent conversion of 1.4m options were part of this tranche. If exercised the company would add about $14m to it's cash reserves. On a full diluted basis opthea is capitalised at around $208m.

Apart from that I would also see these options as potentially keeping a close lid on the share price particularly if recipients on exercising options then decide to sell the shares on the open market.