I think it's clearly a gesture suggesting the outcome of this...

I think it's clearly a gesture suggesting the outcome of this saga will be well received by shareholders. You'll be able to buy them on market for cheaper than this in a month. Otherwise maybe it's to somehow encourage others to do the same, or perhaps the person really believes that they won't get a chance to buy them any cheaper. Maybe EVM needs the funds so someone in the loop converts with Val insisting on minimum dilution? Long shots but just throwing them out there to pass the time...

I think the options theory is spot on. It seems pretty obvious considering the high ratio of outstanding options to currently issued shares and their respective prices. Doesn't that then suggest a takeover or concern with control if Val is looking at maintaining a certain percentage of ownership?

I still think the timing of the USD/JPY change is a little too coincidental too...