As a long term holder of CTP in various forms I am extremely...

As a long term holder of CTP in various forms I am extremely disappointed by the rational behind the long dated options with a 16c strike.
This has effectively wiped out the ctpoa options unless there is a major discovery.
If the ctpob oppies had been a similar strike price,not been free and just carried a time value there would have been some use in holding/trading the ctpoa's.

But to my mind JH has effectively said there is little chance of the options being converted next year so '##' them and the holders. So, what to do? Sell them for virtually nothing? Increase the shareholding and take up the rights issue, or wait and see the price drop afterwards as it will when trading ex rights.

Until this past week I had been a great supporter of JH even with the less than great drilling campaign [organisation not results]. But this stinks in how an option that is 14 months from expiry has now become virtually worthless by a an announcement out of the blue when the debt facility is still to be utilised.