I'm thinking that the BoD would want all AUROA exercised, as that would mean $3.9m + in the kitty and shareholders would be the cause of that. Most of the original option holders would have joined (paid too) because they had felt that it was a genuine attempt to involve them in helping the company - 'loyalty options' they were called; also make money for themselves. To now 'go slow' and deny conversion would be a major breach of goodwill imo.
Ann: More High-Grade Copper at Wodger, page-28
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