Worthless in absolute terms maybe, but in my opinion i'd imagine...

Worthless in absolute terms maybe, but in my opinion i'd imagine those large holders of the options will convert them, no matter the share price. There is nowhere near the amount of shares for sale at any price below 1 cent. There are 1.7bn options set to expire, i expect the top 20 option holders to convert, especially as most are the first set of cornerstone investors after the Pak saga. And if they expire worthless i won't mind either as less dilution (and useable cash) and id imagine a future capital raising will be required.