thx Listerine, On the basis that this timing is correct, that...

thx Listerine,
On the basis that this timing is correct, that means that the Sophs/Investors had the benefit of the announcement of the Option deal at the time they needed to decide whether or not to take up the new shares at 6.5c.
The ASX release was at 12.44pm.
So they could subscribe for the new shares with the view that the SP would almost open strongly than it otherwise would have, now that the market was aware of the new Option deal.
So one group of investors were able to trade/buy shares with this new knowledge.

On the other hand, existing shareholders were quarantined from doing anything with their shares, because the STX were in a Trading Halt.

It is supposed to be a level playing field, is it not?

The only solution I can see is that STX offers new shares to existing s/h on the same basis as those of the Placement.