It really depends on whether OEX want the tails in the money or...

It really depends on whether OEX want the tails in the money or they plan on cutting option holders lose by securing funding with an alternative source. As you say Chil timing is everything over the next few months for step 5 to work out. Although I wonder if OEX choose to screw over the option holders it might trigger a rally on the heads post 15 Sept with less dilution to the register. Good news for the heads holders but bad for option holders who do not convert. For options holders sake and OEX, funding from multiple sources would likely be the best outcome to hedge against either all or some of the options not being converted or a major investor deal falling through.