Running discussion on SP, page-16175

As at 18th March 2019 they hold 9.49% of the company.

Option 1
If they are planning on making a takeover bid they could exercise their options at 10 cents which would then give them approx 18.6% of the company.
They could then increase that to 19.99% but I think they would then have to make a formal bid to increase their holding any further.
That strategy would push the share price higher than 10 cents which would mean the takeover bid would have to be considerably higher than probably 20 cents and it would also give AVZ an extra $20M in cash to try and fight off the takeover bid.

Option 2
If they do not exercise their options and just steadily increase their holding to between 10% and 19.9% by buying on the market that would mean the share price would likely be a lot lower than 10 cents at the point they make the takeover bid and hence the takeover bid price would be lower than the option 1.
AVZ would also have limited cash available to defend the takeover bid so if I were in their position I would go with Option 2.