Ann: Response to ASX Query, page-543

Saul I think you are missing the salient point that 'deep in the money' options which these are have little 'time value' versus their 'intrinsic value'.

Only options that are near or at-the-money and a high 'gamma' and hence relatively high 'time value' versus time to expiry. With a near term expiry date of June 2018 and the options being so deep in the money when they were exercised tells you why the investor exercised them and their view on the valuation of the ORDS to be issued upon conversion.

I guess the $1.4m question for Cygnet is that how much profit can be realized on the sale of the ORDS on resumption of trade.

Darien Jagger and his Cygnet colleagues I imagine wouldn't have thought much about this risk when they exercised these the other week - I'm pretty confident they might be now.

Credit to them nevertheless for taking options with a strike price of 3.5X the DEC 2016 IPO Issue Price !