The 3,525,000 options were announced to the ASX in an Appendix 3B notice on 31 October 2014 and the details were included in the Covata prospectus associated with the Listing of the Company.
Understand their reasoning: they have invested a lot of themselves in the original company and now Covata, and are it is most likely a case of "capital (shares & options) rich but cash poor/constrained".
Strength should return once this backlog is out of the way.
Ann: Appendix 3B (Exercise of Options), page-4
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