I think you are looking at this the wrong way....
As they won't be able to trade their options and it means if they convert them JS is shelling out $400k for converting 10m options whilst CW would be shelling out $1m for converting 25m options, both of course at 4 cents conversion price.
I think there take-up is therefore reasonable - more then reasonable - remembering if they convert these options they can't easily trade them like you or I. Sorry I strongly disagree here.
Ann: Bonus Options Offer, page-351
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