Given he already has 3.7%, the extra 10 million shares would...

Given he already has 3.7%, the extra 10 million shares would bring him up to 10%, which becomes blocking rights in a takeover.

Chris could well be forced to drive the price to 50cents so he can activate his option before a takeover gets too advanced.

The 10 million option was part payment for the Bluff block. he will be loathed to loose that.