Ann: Options Underwriting Over Subscribed-GPH.AX, page-54

Under different circumstance I would agree, but with GPHO it's a big factor because the exercise cost is such much higher than the option purchase price, if you bought say $3k worth of GPHO at 1 cent, you would need to now invest a further $24k to exercise.

I understand your logic letting them lapse is worse agree, but that is perfect world unlimited money stuff , reality is most likely nearly all options buyers bought as a high leverage high risk play, they likely don't have the means or the desire to own $24k worth of GPH.