69,000,000 40c options expired.When these options were first...

69,000,000 40c options expired.

When these options were first announced (40c conversion price to expire weeks following announcement of interim analysis) I thought to myself "if the interim analysis is good, there's no way these options will not be in the money"!! Yet here we are.

The cynic in me thinks the SP has been held around the 30c mark to prevent the conversion of these 69m options and the resultant dilution.

It also makes Nina's CR look pretty smart now. Yes I was disappointed and vocal, but that's why Nina is the big cheese and not me. She was probably hopeful of getting the $20m cash from the CR raise and then even more cash from the 40c options conversions but it wasn't meant to be.

The dilution hasn't been too bad. Shares were issued as part of the CR but that's been negated by the lapse of the 40c options that I was convinced would be in the money at this point. Looking at it from Nina's angle, a bird in the hand yada yada.

Looking forwards, we are cashed up. The trial rolls on. US licensing deal and cash injection from a new partner the next thing to look forward to