Thanks Lexcorp: So from what I can ascertain Shares Under Option...

Thanks Lexcorp:

So from what I can ascertain Shares Under Option are as below, 25M which expired today. Does that mean
Mr Douglas and Newmarket, can no longer exercise his/their right to cash in options and collectively those options are now worth  nothing? Why would they not exercise their right to cash in prior to expiry?

	Column 1	Column 2	Column 3	Column 4
0	Date Options granted	Expiry Date	Issue Price of Shares	Number Under Option
1	9 January 2015   31 December 2018 $0.1625 25,000,000

Directors Report indicate only 1 board member holds options and that is Mr. James C Douglas and it indicates that he holds 8.333333M as below.

Rights to shares in Quickstep Holdings Limited (one third share of Newmarket)
8,333,333M out of 25M

Then I found the below paragraph, which I struggle to understand, especially "These options were revalued at 30 June 2018 to a fair value of zero cents.?

'Newmarket Share Options at Fair Value'
Newmarket Financing Management Pty Ltd and Associates (Newmarket) holds 25,000,000 (2017 25,000,000) options to acquire ordinary shares in Quickstep. These options expire on 31 December 2018.
These options were revalued at 30 June 2018 to a fair value of 0 (zero) cents (2017 0.5 cents) per share or $NIL (2017 $125,000). The gain of $125,000 (2017 $575,000) has been recognised through the income statement as finance income, refer Note C.2

If anyone can explain all the above in lay-mans terms it  would be much appreciated.