article/some similarities to nkp case, page-28

Rod,

"NKP was in suspenion upon expiry. The point was that, provided that the directors are confident that the DMR rules in favour of Genorah/NKP, the options would be worth exercising. Evidently not."

No! It would be entirely irrational on the part of directors to exercise 90cent strike options, at any time either prior to or during suspension. Even if DMR decision goes their way, most unlikely that sp will be >90c. Straight from "Directors 101" - never ever risk your own money when you can risk other people's.

Can't see what your getting at.

In any case they'll just issue more options (with likely lower prices), so why exercise.

avarive