Ann: RUBY INVENTORY HITS 120,000 CTS. QUALITY DEPOSIT DISCOVERED, page-96

You're good as far as I'm concerned. If I held options I would have responded same way.
I find when in doubt, ask. So I did.
I paraphrased Daviste''s proposal.

"I have a legal/Asx compliance question to do with raising funds and thought you might have some insight.

I am not sure if this is legal or Asx compliant, but could a company encourage the option holders to covert early by offering 1 share for every 10 options converted and get the option holders to convert now rather than say in 2020?"

This is the response I got;


"Probably not. I strongly doubt the ASX rules allow you to fiddle with options like that. The problem is that it would be unfair if the Board or a majority of shareholders could change the terms of options before the exercise date. It could allow some very serious oppression to take place.

Everything has to be pari passu. So let's say you do a big, massive dilution like a big CR - you can't just change the option exercise price to take into account the dilution.

However if you do a consolidation then obviously the exercise price of the options changes with the ratio of the consolidation.

I haven't actually checked the ASX Listing Rules or Corporations Act but the general principles seem to make sense off the top of my head."

Response from robbo24