It's an eye catching element of the transaction. Only 3 weeks ago those options would have been 4 cents in the money! At the moment they are less than 2 cents out of the money with the stock in a halt and likely to zoom out of it. I would suggest there will be plenty of games played with this position ahead. Eg a source of regular rotation - sells shares (30 million given over), convert some options, rinse and repeat.
Or a means of giving very quick control to a third party. Say they prove this asset to production and it's genuinely attract. 3rd Party financier says hey mister consultant, let's do a deal. Nice position to launch a takeover from before you've even started.
EUR Price at posting:
8.3¢ Sentiment: None Disclosure: Not Held
