Ann: Investor webinar presentation, page-20

Probably more likely they want to get in but buying 10million shares on market would probably end up costing more than the guaranteed 3cps that the options cost to convert into fully paid shares

Another thought from me is that the company SP is so low due to the cash runway, therefore paying the extra 0.2cps from market prices and converting the options for 3c provides more cash runway for the company which then strengthens the balance sheet and in turn strengthens the bargaining position for AD214, which means a better deal, which means a better SP in the long run.

Thats why I'll be converting all my options, even though my buy in will be 5%-10% than buying on market at current prices