Normally to keep it simple and straight forward, the offer should apply to anyone holding at time of expiry (but not in this case). Who knows what the intent was, it was very sloppy for an important financial announcement. Here's a recent example of how it's done, don't worry about the ratios just the dates:
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- Ann: Notification of Expiry of Options and Options Offer
Normally to keep it simple and straight forward, the offer...
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