Ann: Quarterly Activities / Appendix 5B Cash Flow Report, page-15

Hi Hope2
Yes they need to buy the shares at 18c but can sell immediately at the market. This is my belief of exactly what happened last week when 625k options were exercised,
So now there is 1,875,000 options left which can be exercised any time up to 2027. The unlisted options then become listed shares. That’s why the overall number of shares on issue has risen 625,000 in the last week.
My point is therefore in my view, there is an overhang of 1,875,000 shares. The option holder will sell the stock on exercising the option to repay themselves for the purchase and pocket the difference. eg exercise 625,000 at 18 c, sell at 30 c 12c x 625,000 profit.