Are these 4.xxm option conversion from one party, or conversions...

Are these 4.xxm option conversion from one party, or conversions for multiple parties could be done in one announcement as was done here? Eventhough it still does not make sense.

Unless this was a miscalculation, somebody just wasted at least $200,000 by converting 4m imuoes at 11.8c each instead of buying 4m heads at lower than 11.8c AND selling, if they choose to, the 4m imuoe at around 5c for whatever ulterior motive.

on the surface, the beneficiary would be IMU's bank balance at the expense of a shareholder...

or......
The conversion was done to increase one's voting right in a voting block within very short time......without buying on the market.....in order to approve a deal tomorrow...... lol...... one could dream surely....

my maths might be off here...