I guess the thing there is that most people don't generally...

I guess the thing there is that most people don't generally exercise options until the 11th hour. The company could probably not count on that money coming in in the near term.
Having said that, the options are unlisted so if the sp was to leap, holders could make profits from exercising and selling heads on market.

When calculating the issue price of 12c i indicated that the maximum discount to the VWAP was 20% On further research i find that this figure is actually 25% of the 15 days VWAP. SPP's are 20%
I apologise for my error.
Listing Rules Ch7.pdf