Ann: Application for quotation of securities - LPD, page-4

ofc it is required under ASX to report any new issues of shares.

My question is more about from an investors side:
1. Why would any investor exercise out of the money (pay 3c per share rather than buy heads at 1.2c on market right now)
2. Why is every exercise in small volumes?

I count about 10 times it has already happened this year alone, and believe me when I say this has being happening for a few years now and almost exclusively with LPD - I've not seen this happen to any other stocks.