Ann: Change in substantial holding, page-13

SJ, you would be correct but it cannot exercise the options until the conditions have been met.
This will occur after the next capital raising which will probably be the next 'operational' announcement it makes. Remember, not only does it require money to start the operation it also needs $US10m to pay the vendor the the licences - so the capital raising will be significant. Aahana, being the very supportive major shareholder will underwrite the issue and pick up all the shortfall shares. This will take it above 19.99% but will not trigger T/O provisions due to increase being from an underwriting position. Then when the 37.5m restricted options are exercised it will not be increase Aahana's shareholding by greater than the 6-mth creep allowance of 3% due to increase in shares on issue from capital raising.
Do not hold your breath for the takeover.