A true extension is very rare. As an example MHL had their...

A true extension is very rare. As an example MHL had their application for a waiver rejected by the ASX just yesterday. MHL wanted the extension because they spent several months in suspension whilst attempting a large but ultimately failed acquisition.

But their are other ways. Your method is the most common. Technically not an extension (its a 1:1 rights issue)because they must let the existing options lapse first and they wont announce the 'extension' until then. So its a risky play to hold until death in anticipation of a rights issue.

If its a trivial amount and the company has room to move under the 15% allowance, then their are no issues. If the options equate to more than 15% of issued capital or some of the 15% has previously been used, then it needs shareholder approval.

As a shareholder in NKP, you really need to be asking yourself is it a good thing to extend them or only if you hold both(NKP and NKPO).

IF people are as confident as they claim about a JV, then surely extending NKPO is a gift to option holders. A gift the the fully paid deserve just as much(perhaps more) and wont recieve.

If the company manage to avoid a shareholder vote and just force it upon us, how will shareholders react? Seems like the company would need to offer shareholders something too. Either a discount cr or also the right to buy new options on same terms. Then they could never fit it in under 15% but we would all approve im sure.