unlisted employee options, page-7

TShirt, interesting comment: "The oppie holders may however still choose to exercise if they are feeling bullish on the short term prospects at Paloma"

However, if the share price is less than 40 cents on or before 6 November, then no one would exercise shares at 40 cents because they can buy the same thing on market for much less. Even with a large options package, exercising under water options makes less sense than buying on market over a period of time at lower prices.