Butcherbird, why do you think the 25 cent options will not be...

Butcherbird, why do you think the 25 cent options will not be exercised by 31/12

These were issued at the float, I think 1 free option for each 4 shares.
They can only be exercised in the even that CMC do NOT achieve the targets of completion of Phase I by 31st Dec 2011.

This is a huge incentive for the directors to meet this target, as their holdings would be severely diluted if the option could be exercised.