Ann: Entitlement Offer of Loyalty Options, page-37

Another poster explained this well above. I don't think these terms represent the company's expectations in terms of SP timelines, they are simply giving the options a generously long runway to achieve a generously low strike price.

Think of it this way, if the options had a strike price of 75c and an expiry date in 2023, you would say "wow, the company must be confident", but in reality most holders would be saying "Yeah right"... considering what's transpired with the $1 options from last year.