Ann: Chairman Interview re Binding Joint Venture on HMS Projects, page-7

Now this is a very simplistic view but if it was me running the company, and I have a bucket load of oppies, I wouldn't want to dilute the shares anymore if I needed money.
I would be getting these oppies in the money and converted asap.
My take is that is what they would be planning.

We have had a good churn since the announcement and this now lays a foundation to start edging higher.
Looks like who ever wanted to get set has.
Really pretty easy with a few good announcements and some exposure in the right areas to quickly get these in the money and converted.
It really is a pretty good deal.
Other irons in the fire could also stoke the price.
Sticky fingers that have accumulated since the announcement will hold tight, and volumes dry up, share price only has one way to go.

Like I said, that is what I would do.
Let's see if it works out that way.