The options have to be converted before their expiry i.e. 2 years.
Dilution:
It's Christmas - not the smartest time of year to be chasing money
Share activity - there are already enough loose shares on the market to drive us all insane
Fair play - there are people here who are deep in the red - the last thing they want is to buy more shares, and even worse be 50% diluted when they do get back in the green
Explanation - why is this being proposed with a $16.8M bonus at the end which is NOT budgeted. ( and therefore why is the SPP necessary on this scale?)
Ann: Prospectus, page-90
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