King,
The main problem I think with the options is paying for them. eg our friend Arko, given he only has $12000 in LOM is unlikely to want stump up 60k for the conversion of his options (he might but I doubt it).
So people like him (and I suspect there are lots) will do one of two things, they will sell the options, or sell shares to finance to the exercise. Unless the shares are really high (?), there will be be a shortfall and they wont be able to convert all the options, so they will then sell off the remainder.
This will keep pressure on both shares and the options until expiry IMHO, remember there are 60m odd options we are talking about here, a quasi $18m raising.
