Your logic isn't entirely off.. however the instances when...

Your logic isn't entirely off.. however the instances when options can anchor a share price to its strike only really occurs at or near expiry. This is because option holders wish to relieve themselves of the burden of an expiring contract

As the others have pointed out, there isn't much incentive to be exercising OE options right now just because the heads are trading around the exercise price. Even if you assume these options have been acquired free of charge (a lot have been traded on market since SPP), why would one sell a share they hold at 12c, to pay 11.8c to receive.. a share. And this selling is what you're implying by suggesting there is an option related ceiling at play.

At 24c, you could sell that same share you own, and exercise 2 of your options, doubling your shareholding. And there's plenty of time to run on these options, as well as near term news catalysts that could see the SP well north of 24c

GLTAH & Patients