SMSF,
I think the missing penny might be tax?
I think (someone please correct me as I am a tax imbecile) they only get them under the CGT umbrella, rather than income, when they exercise them, in which case 50% applies.
If I am correct one would assume not fishy planned/expected for at least 12 months, and would see the move as a vote that this was as low a price as they expect to see.
EL
