They cannot do what you suggest. There is no valid reason that...

They cannot do what you suggest. There is no valid reason that they can rely on to do anything to help option holders in the way you describe. To do so would disadvantage all ordinary shareholders who by rights should be offered the same terms. As at 30th June the options contract expires and those who have decided not to convert are allowing the options to lapse. End of story.

The company may offer another options contract but it does not need to be attached to a CR necessarily. They can raise funds by offering options at any price exercisable at any price at any time in the future, but there will be no special deal for current option holders.

Eg how much would you pay now to buy an option with the right to pay a strike price of 5.0c anytime in the next two years where the SP now is 5.3c?

Just for fun, what would you pay? let me know, have a go!

I'll kick it off now and say I would pay 2c per option right now. In other words I'm in the money if the SP goes past 7c (but I would hold onto the options hoping that the SP would move well past 7c in the next two years)