Not sure I follow your logic. Surely no existing holders would...

Not sure I follow your logic. Surely no existing holders would be putting 200k shares out there in the hope to keep the price below the option price until the options expire - lots of things to happen in the interim. Also normally one would wait until there is more of a differential on the share price and/or things are more certain before exercising options. Until now Kentgrove have been able to buy on market below the option price - and this possibly could have been happening