option price discount, page-6

The problem with leaving them around $1.03 and hoping that the right people will exercise the options is that a large holder sells enough at the last moment and stops a lot of options from being exercised.

Why would they do this? If you stop the options the NTA goes from $1.26 to $1.51 and your remaining shares look a whole lot cheaper overnight. Added to that there would be no cash drag added from the option exercise.