Ann: Revised Notice of General Meeting/Proxy Form, page-12

Think of it this way... If TV2 didn't do this, then the existing option holders have two options:
1) Pay the exercise price of 4c and convert them to shares.
2) Let the options lapse/expire and end up with nothing.

Atleast now they can pay a smaller portion of money (could have been a better price), but the positive is that it will keep the company running for a quarter (one less chunk of money from Lind) and the holders gets a chance to make back their money.