Maybe they don't want to further dilute the shareholding in what they perceive is an undervalued SP? Do a capital raising after the options expire at an increased price (assuming some decent hits) - getting the same amount in the kitty but with less dilution. It was one of the reasons why they did the recent consolidation - i.e. reducing the large number of shares on issue.
I would prefer the money in the bank option rather first - and I do not hold any options.
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