UNTAQ, page-15

"Turned out they didn't even need to offer an attached option as it was totally over subscribed anyway". That's sad cynicism, that they NEEDED to offer, and that conclusion makes it look contradictory. Maybe, just maybe, management WANTED to reward and thank those who bailed them out for taking up the offer and giving them an opportunity to make better gains by being assured of being able to get a discount for a share where the SP had exceeded the exercise price, which, IMO, IS what management expects?? No, that's too simple.
If they wanted to use them as a "carrot" or a "ploy", then why make them non-renounceable?? This way they have nowhere to sell them to make them a "carrot". To get ANY benefit from them, they HAVE to exercise them.
Now, instead of it being a "carrot" or a "ploy", it's a VERY smart decision by management to try to lock them into having to be exercised, win/win.