Ann: Appendix 4C - Quarterly - 31 March 2023, page-57

I am in the same boat but I only have until August. The thing is that at the moment you can by on market well under the excise price so even though the options are worthless you can still get the same amount or more shares on market with the excise price you would pay. So if you buy now or if the share price is around the same price in December as it is now then you don’t really lose out. Of course if the intent was only to trade the options and not convert then that is a different story.

The other thing is that since the current share price is well below the excise price I think you could safely say that even if you added the cost of your option and the cost of buying a share now on market it would still be way cheaper than if you had purchased a full share on market at the time you purchased the option. That is because the option price has fairly consistently lagged the share price by around the excise price give or take. So again you haven’t really lost out and you are probably in a better position than thought.

The big loser is the company if the share price doesn’t get back up over the excise price as no one will convert and the money will go on market rather than to fund the company. So I do expect that the company will be looking to make a couple of good announcements before August if they are available.