The issue of unlisred options was approved by shareholders, not...

The issue of unlisred options was approved by shareholders, not listed options ... there is a big difference.

The $42k cost is not necessary as the options should stay unlisted. I've never seen a co do this before

"but many holders may exercise rather than flip" - there is nothing stopping them exercising now without this prospectus so no, they wouldn't.

Also, Vale is funding us nicely, we don't need the funds.

Definitely looks to me like someone with large holding and influence wants to flip as they haven't got spare funds ATM to exercise ... and I maintain it will put downward pressure on price of heads