Poet, There has been some assumptions made that if the options...

Poet,

There has been some assumptions made that if the options were to be in the money that they would all be exercised. Firstly, what is in the money? If you purchased the options at say $0.001 the share price would need to be in excess of $0.011 to be in the money (not including on costs), it seems that most see $0.01 as the trigger point. The second point as you have shown is that the cost of exercising the options could run into many thousands of dollars, in some cases over 6 figures. Given also that some of the options were given free any price obtained is either a bonus or makes up for a loss on the shares. This also adds to you comment that there are sellers and lots of them.

Yes there are alternatives for the option holders, remember the old options will expire on 30 June 2016 irrespective of what the Company may or may not do. You must also remember that the options need to be paid for on 30 June, so you will have to send you cheques or make direct payments before that date, to ensure the funds are cleared, perhaps up to 5 working days. In terms of ASX listing rules trading in the options will also cease around 10 days prior to their expiry. Also if the Company applies for a waiver of ASX listing rule 6.24 that is if it deems that the options are out of the money no option expiry notice will be sent out to Option Holders. The Company can of course choose to issue new options, to the old option holders, with an extended date under the same terms as the old options, as in the example. However, the issue of the new options would need to be ratified at the AGM (or EGM).

These are my thoughts only and are not intended as any form of advice, IMHO anyone should act within their means and if needed seek professional advice before doing anything.