something is afoot, page-15

I don't think option 2 is likely for two reasons.
1. It would be considered insider trading to take up the options and sell out when you know something detrimental is going to happen, while it would not be insider trading if you take up your options earlier.
2. Something very detrimental would have to occur to wipe out all the opportunities on the table.
As an example, if POC2 fell through then there is POC1, China and other long term opportunities. You would wait it out until November to see if the share price is at a level for you to buy.

The two most likely options would be that a dividend might be coming the shareholders way or that there is a significant concern about a takeover where shareholders would be paid out but options may not be paid out.