Ann: Change of Director's Interest Notice, page-11

Those options expire, so the company processes them as though the director has purchased them @ 25c. However, this would be stupid given the SP is currently trading at 16.5c so instead the company creates a "loan" where the director now owes the company that amount of money (say 1000 shares so $25,000) but it won't accrue any interest.

The impact is total share on issue increase (dilutive) but we get a matching credit in our assets ($25,000 loan owing).
Prior to this those shares are "unlisted options" and now they move to "listed shares"

So on these options I don't get particularly bothered by them as they are additional incentives that make it more important to these directors that our SP goes UP. The alternative is to pay them a cash bonus but this is less attractive because that is a direct impact to our balance sheet.

The biggest dilutive effect aside from a Credit Raise is the ZEPO's that were issues if/when Oleg/Peter get $10m revenue in 1 year. These smaller incentive options are largely irrelevant. Also ALL of these options are listed well in advance so if you're complaining about "more dilution" you're clearly not doing due diligence.