If it goes into administration, they get zero regardless of how...

If it goes into administration, they get zero regardless of how many shares they have allocated themselves.
They have very little timeleft now. Given the burn rate, the $1.85mln raised in April would be close to exhausted. They cannot wait until zero balance, the board needs to move beforehand.
Interesting how they have not re-issued the options to the investors who bailed them out in April, but put their snouts into the trough at the first opportunity. A company with directors who have integrity would do that first before anything else. It goes to show the low quality man that Miller is.