"Eligible Shareholders are not obliged to take any action in...

"Eligible Shareholders are not obliged to take any action in relation to the issue of the Bonus Options. Holders of Existing Options will not be entitled to participate in the Bonus Option issue in respect of the Existing Options that they hold, unless those Existing Options have been validly exercised (and resulting Shares are allotted and issued) before the Record Date"

Sneaky Pirate - I don't own any HMLO so for me it is like a second wave of love for current holders, but I can see that it would give HMLO holders some tough decisions to make