Ann: Change of Director's Interest Notice, page-8

Not sure if anyone is clued up on how it actually works with the options and rights, which have been allocated to Newmarket.  The 25M options will expire on 31 Dec this year.  So, if James Douglas wanted to take up the options, what would he pay to exercise them?  The original 0.1625 per share or the revalued fair value figure (which dropped significantly) 0.1 cents per share? lol  Which ever the figure if he took them all up.  He would be a substantial holder (not long to find out how this plays out anyways).  
Also are the rights on top of the options or part of the option figure?  If separate what price are the rights calculated at?  
If no one knows the answer to the questions.. I might end up giving them a call and try to get into contact with someone connected with the company for an explanation.  
I don't mind things like these, but I have seen on other stocks preference shares, which are nasty if the company fails....