are havilah option holders crazy?

Were our current Havilah directors “tongue in cheek” when they proudly announced yesterday their intention to invite poor old Havilah option holders to cough up large sums of dough (either 50 cents or 75 cents per option, depending upon which option held) well ahead of expiry date, in order that, wait for it, as a consequence of doing so, their reward would be to participate in a subsequent capital raising exercise!
It simply beggars belief.
Surely it is obvious that the only worthwhile reason for exercising Havilah options ahead of time would to participate in a capital return to shareholders.
The company has already advised us that preliminary indications of offers for Kalkaroo are substantially higher than Havilah’s current share price.
If this is correct and a sale can be made, option holders would scramble to convert their options in order to participate in the promised capital return, thus enabling Havilah to top-up its coffers to mine Portia.
Alternatively, the sale of Portia would enable a capital return to be made to shareholders of sufficient size as to induce option holders to convert, thus achieving the same result for the company’s finances, whilst awaiting the Kalkaroo sale process to be finalized.