Ann: Investor Presentation, page-24

That's right, the point is that the options give the investor the full upside if the SP goes to over 20c at no risk. At 9c the investors (that participated in the CR) dumping the stock are giving the options an "implicicit" value of 4c, if the SP goes down to 8c then the implicit value would be 5c.

I have seen this happening too many times in more than 30 years, I always try to discourage companies to offer "free" options in CR's but I imagine that the company had to "motivate" investors due to market challenging conditions.

cheers