Am I reading this correctly? If I wish to extend my current...

Am I reading this correctly? If I wish to extend my current options by 3 years, I do nothing at the moment. I let them lapse, and then the company will offer me the extension of what I'm holding at 7 May (divided by 5) at $0.001.

Here's the excerpt from the announcement:

"Do nothing (i.e. allow your RR1O Options to expire). If you do not exercise or sell your RR1O Options
they will expire at 5:00pm (WST) on 20 May 2024 and your right to subscribe for RR1 shares at $0.01
(pre consolidation), or $0.05 (post consolidation), each will lapse. If you do nothing, as detailed in
the Company’s Notice of General Meeting (ASX Announcement 15 March 2024), and approved by
shareholders, you will be entitled to participate in the non-renounceable entitlement issue of one
(1) new listed option (“Priority Option”), for every one (1) RR1O Listed Option held (at the record
date of 7 May 2024), at an issue price of $0.001 (post consolidation) per Priority Option, and
exercisable at $0.015 per Priority Option (on a post-consolidation basis)".

So sometime after 20 May, the company will write to me with an offer to extend the options I currently hold, but which will have lapsed?

Bit surprised the company have not asked me what I want to do. Or have I missed something? Has anyone received an offer to extend?