Ann: Trading Halt Request-GPH.AX, page-12

If Dirty game wouldn't have been played by the broker to get Options underwritten, GPH could have been trading around 13-15c by now (a fair value) and most the options holders will happily convert the oppies to shares. The only reason management require underwriters is the push down by the broker due to lack of news, so that they can able to get shares at 8c on back of underwriting and sell over 10-11 on the news just after Oppies expiry.

Good that we are getting cash but bad that it's from underwriting from brokers who would then sell shares in 10-20% profit instead share holders could have trusted for long term if SP sustained over 10-12c.