Ann: Entitlement Offer of Loyalty Options, page-21

The psychology of interpreting these things is very interesting, and I can see why you're saying that. But I would caution against reading any sort of guidance into these dates and prices.

Just as the expiry dates of the last offering were too short, and the strike prices too high, so could these expiry dates be simply deliberately generous in terms of expiry and strike price, to all but guarantee value for shareholders. It is pretty clear the goal here is to truly reward shareholders, and in a way that should yield value even if the market remains stubbornly in the doldrums.

Personally, I don't think any of this reflects on the actual prospects of SP movement going forward. These options could well be in the money, and the piggybacks also, closer to today than to the expiry dates.