I think it’s more likely the broker mates and bookrunners did...

I think it’s more likely the broker mates and bookrunners did exactly what I was alluding to 11 weeks ago here. And the Co is quietly letting that happen. Re-reading the rest of that AW1O thread today with the benefit of hindsight is pretty educative too insofar as spin versus reality. I’ve previously noted my preference for the AW1O 20c ex’s to be in-the-money despite not holding any of these particular options. I would far rather see the cash come in to the Co from holders (and the reward of some trading profit go to them in return for having held) than a repeat performance where a whole new set of attaching options go only to sophs or private placement participants in a future raise (be that next month or next year or whenever). A track record of delivering for holders, making good on your big talk, meeting timetables (and in fact setting them accurately), and having regard for a reputation of sustainably growing the share price (rather than aiding big swings & pumps & dumps) is essential for a Co to mature and to be taken seriously by the wider market - and by the regulators/market operators. It is clear today imo that AW1 still has much work to do in this regard.