trem, it is not the company exercising the options it is the option holders. these options need to be exercised before 31/12/2012. there are still 9,364,500 to be exercised before this date or they will lapse. so basically the option holder exercises them at a cost of 60c each and they are converted into shares worth $2.25 or so. instant profit if they sell the shares.
Ann: Exercise of options , page-7
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