From my reading of the documents, Dawney is asking shareholders...

From my reading of the documents, Dawney is asking shareholders to write him a free call over 20% of their shares.

To be clear - no consideration is payable for this option and Dawney has no obligation to buy the shares. Quite why anybody would give away an option that at current prices is worth 5c/share is beyond me, so this smells very much like those 'cash open offers' that criminals send to Telstra shareholders offering to buy their stock for $2/sh.

Has anyone ever come across this guy before? I don't think he has the funds to buy the shares himself.