Where does it say that? Large IAMOA have no option but to...

Where does it say that?

Large IAMOA have no option but to exercise, unless they are happy to lose the capital value of what holding they have left.

The options expire in 3 weeks, and will be worthless if not exercised.

Can't sell on market, as there is minimal volume on IAMOA and only 8 million on the bid (including 5m at $0.001).

You need to consider there are likely to be further short term announcements (before year end) advising of the exercise of IAMOA.

Previous holder watching the stock, with no buy order in market, and no intention on buying before the release of the next 4c.

Not here to down ramp, just be factual.