Outstanding options have a negative impact on the SP because buyers see the option exercise will dilute NTA potentially by close to 50% of the difference between exercise price and the NTA, depending how many options are outstanding.
LICS sell at a premiums and discounts so no one knows what the SP will do before or after exercise but options do impact, which is why it's prudent for options to be relatively short term as is the case here.
Ann: FY2015 Results - SOLID PROFIT, OUTPERFORMANCE AND DIVIDEND, page-5
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