I guess there is also the possibility that the company replaces/reissues the PYCO options after expiry date if they are still effectively out of the money.
While it's not a common practice it may have some ground considering the private placement put forward options on much more favourable terms (5 years) while existing shareholders where excluded from the opportunity to participate only the12 month ones issued last year. Even under the current terms they offer $6m+ on conversion so remain in the companies interests.
OBJ did similar in December to reward those for past support & loyalty to the company -
RESOLUTION 5C APPROVAL OF GRANT OF NEW OPTIONS
Pursuant to the private placement and non\renounceable rights issue conducted by the Company in December 2009, the Company granted certain options to acquire Shares exercisable at 1 cent each on or before 31 December 2010 (Options) to sophisticated investors and Shareholders (Optionholders). The Company now wishes to grant additional options to acquire Shares at an issue price of $0.0005 cents each, exercisable at $0.01125 cents each on or before 31 December 2011 (New Options), on a pro rata basis, to those Optionholders who still hold Options.
The purpose of Resolution 5 is to ensure that:
(a) the Company can reward the Optionholders for past support and loyalty to the Company;
(b) the Company can motivate and provide an incentive for participation in the Companys future growth; and
c) upon the issue and exercise of the New Options, the funds raised will assist the Company in funding working capital, business development activities, international collaborations and additional research and development.
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