Ann: Notice of Annual General Meeting/Proxy Form, page-72

the question of the Treagus options works exactly as you are observing; is an agreement between the two parties that evidently know what will mature in the next three months noting that the options of the Treagus would naturally expire at the end of the 5 year from the date of issue that was May 29, 2013 and Neuren would have had to extinguish the debt with the trust and assign them to the manager who was entitled to it having fulfilled all the clauses. but this is only an aspect that has a common denominator and I explain:
these are the options for managers assigned as incentive awards:
Number
of shares 40 million 30 million 20 million
Issue date 29 May 2013 28 May 2014 7 May 2015
Issue price
for share $ 0.039 $ 0.092 $ 0.082
Share price on
date of valuation $ 0.039 $ 0.069 $ 0.082
Fair value
for share $ 0.03 $ 0.04 $ 0.05
Estimated
future volatility 119% 101% 95%

the first ones are those of the Treagus dated May 29, 2013, while the others are those of Pilcher, Shaw and Blower which have longer maturities but all matured as bound to the three years of detention and who are only waiting for a phase 3 or partnership opening to request the actual conversion to the company with the same procedures as those dealt with for the Treagus. the news emerged in the last annual report is that during 2017 (I assume in the last part) the whole issue was postponed to 1 September 2018; this is the passage:
In 2016 the Declaration that 2 million Loan Funded Shares had vested and deferred making a determination on the
vesting conditions in respect of 1.5 million Loan Funded Shares until 24 September 2017, or an earlier date determined by
the directors. In 2017 the directors deferred making a decision on the vesting conditions in respect of 2.5 million Loan
Funded Shares until 1 September 2018, or an earlier date determined by the directors.
I also add that in 2016 and faithfully reported again in the last annual report, there was a plan to reduce the fees to all the directors, however, provided that it be paid and incentivized to achieve a sort of material agreement on the work done. here is the passage:
The Group implemented cash conservation measures in October 2016, which included reductions of between 10% and 40% to
the salaries or fees of certain executive directors, management and consultants, effective from 1 September 2016. The Board
of the Group found to be a material transaction, cash incentives would be paid to
those people following completion of such a transaction. The contingent bonus provision recognizes the cost of the potential
incentives that related to services provided in 2017.
there are more tangible elements that frame the various issues that we are circumcising and which lead to a 'single potential scenario or a partial or total agreement that will provide money with the effect of automatic conversion of options and relative value multiplier and that repay even the economic restitution made by the company over the years to maintain the accounts in order to ensure economic continuity without necessarily resorting to the market. all this, until proven otherwise, for the benefit of shareholders.
we wait with confidence ....