Firstly the up front cost was 2.5c not 7.5c. The strike is 7.5c not 2.5c.
Secondly, why would they remove the strike price at all? Around 20-25% of these entitlement options have already been executed, are we going to give those investors a refund? I can somewhat understand extending the expiry date, but at the end of the day this isn't the first option that (may) expire worthless, and it won't be the last.
Just the way options are, a high risk play. At least these were in the money for a good period at 12.5c-15c, hence why so many were executed so early, so can't really be expecting management to bail out those that chose not to execute when given the chance (including myself).
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