Ann: Notice of General Meeting/Proxy Form, page-37

I dont have any problems with rewarding people and setting targets, as has been said most of these incentive/performance options where issued around JAWS (how is that going?)
If new incentive options where issued today what would be the issued price and date? Im not sure it would be 15cents 25% discount?
We have all at times had options attached to spp etc at different times what has happened to these when it was time to convert?
As in the companies explanation as to the date change of these options there is going to be a cost of over a million$.

(h) Effect on earnings and other There will be an immediate effect on the Company’s earnings subsequent to the grant of the Options in that the Company will likely recognise a share-based payment expense in the Company’s profit and loss statement of approximately $1,120,786. The opportunity costs, taxation consequences (such as fringe benefits tax) and benefits foregone by the Company is nil.
Is is worth this cost??
What would the cost be to issue new options that reflect the current position?