I have read this latest announcement of the extension of the...

I have read this latest announcement of the extension of the option about four times in order to try to understand what exactly the motives are.

I have to say it's one of the strangest situations I've encountered.

Sure it's a "cheap" option in absolute dollar terms, but it is so far out of the money, and the time value of the option is based on such as short timeframe, that it makes the option agreement seem to be not even worth the effort.

Even from the Grantor's point of view $19,000 of option premium would barely have covered the time of the executive involved in renegotiating it, reading the documentation, laising with colleagues and in-houe counsel, etc.

And it's not even as if the Expiry Date is later than the expected date of the release of CPI's interim result, so it's not like they're taking a view on a home-run interim result, or anything.

A real brain teaser...