Ridiculous. As an example; I hold 5,000,000 options. Exercise...

Ridiculous.

As an example;
I hold 5,000,000 options.
Exercise price is 1c.
They are currently trading at 001.
Exercise date expires by following months end.
Board proposes SH's the opportunity to purchase the same amount of options they hold at the current SP under a new listing of options with a new expiry date pending SH approval, which is obviously given.
So, how hasn't the company offered me an extension with my current holdings?

I would still maintain the same quantity of options that would be at the same exercise price, when a new exercise price is taken into account along with the new purchase price.

Thus, I'd say it's you that should cease with the assertion that the board can't nor should do anything to try and extend a lifeline to options holders.

All IMO.