day one on the asx, page-5

I think you will find that the majority of options were issued to promoters and brokers. This company had no money so it had to issue options to make it to listing. On prospectus numbers this was going to be worth $100M on issue price. Remember as well that Wayne Mcrae transferred a lot of assets in at over valued prices. It is now worth $32. It is lucky to be worth $15M.