Ann: Change in substantial holding, page-8

Some maths ...

Exercising 2,500,000 19c options @ 19c will cost $475,000

If they are "cashless converting" options creating 2,307,925 new shares for DrT

Then the difference between the 2.5m and the 2,307,925 is the presumed value of the exercise price $475,000

So that's 192,075 shares worth a theoretical $475,000 or $2.47.

But the share price today is $2.22, so ir should have cost 213,963 shares to cover the options exercise. Thus receiving 2,286,037 new shares.

A difference of 21,888 shares in DrT's favour.

Anyone explain why this seems strange?