If the "new" options are unlisted it would be a greater...

If the "new" options are unlisted it would be a greater incentive to be an option holder prior to the expiration of AKAOA. Unless there is a significant change to the outlook for the company the new listed options may well trade under their 1c issue price (plus the cost of purchase of AKAOA)

Hence I would not be taking up my entitlement in the offer as the risk of the new options trading below issue is too high. Hence why they traded back to 0.002c today. It may well be cheaper to wait and buy after the new options list.

Whilst the exercise date of the new options is extended, this is the second time the company has reissued the options further raising the cost of holding for option holders.

I'll wait to see the prospectus but so far the deal doesn't look to be in favour of the holders unless there are significant developments to realise value in the company and hence the SP, raising the value for option holders as the SP nears the strike price break even, which for rollover holders would be closer to 22c after the subsequent double reissue.