Not so wrong really, but I wouldn't expect share price...

Not so wrong really, but I wouldn't expect share price suppression for this reason. It is just plain old accumulation from what I see.
Although the options were granted without cash consideration, they may not get taken up at an exercise price of 2.5c before 30/06/17.
The share price would need to be a margin above 2.5c to be in the money due to being escrowed till 4/1/18
My personal resentment of the manner in which Armada keep their hands in shareholders pockets, has to be tempered against the recent capital raising at 2c, so their 2.5c could be welcome. I still believe bank funding is much more attractive than capital raising and should be no problem sourcing on attractive terms. As LPE will have more than 200 GWh under management and generating 4m in profit (monthly annualised) before needing to consider finance for more rapid expansion than retained profits would allow.