the exercise price of the options should fall from 5.0c to 4.8c
I think that should be 4.4c not 4.8c. No need to reduce the discount due to the 1:3 ratio. Anyway, the principal is the same; the options price should be reduced after the distribution.
luck at Odin probably get them in the money.
Possibly Cara, but BYE's drill failure and CV19 have made the chances of MEL being in the money by Sep 2021 quite slim IMHO, although the chances are much better if the conversion price is 4.4c rather than 5c.
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