Ann: Operational and fundraising update-CL8.AX, page-14

It indicates to me that they expect that some (if not all) of the options will be exercised prior to their expiry date of 30 April 2017, and are showing in that statement the potential amount the company will receive if all options are exercised. They are fairly tightly held by the T20 option holders, and with Domenic Carosa and Hishenk being included there they may have indicated they intend to exercise them sooner rather than later 'if' or when they get in the money…….my speculation.

Although the options maybe less liquid at present, when they are exercised, they become ordinary shares and can be held or sold accordingly.

Hope that helps.