Ann: s708A Notice and Appendix 3B, page-27

I guess it depends on whether the company intends to rely on the exercise of the options to fund itself in any way.

It might be just as useful to let the options lapse, say screw the cheap option holders and do a cap raise or debt finance.

Equally, though, the rational position of the company would be that a high SP is preferable so that options are exercised and the market can absorb the new shares. Then, the company could still raise at a higher price.

I don't hold so it's not really my concern but it will be interesting to watch, strategy wise.