GBZOB, page-9

Will play devils advocate a bit here, but they will need to cover the admin expense of extending GBZOB. We saw for GBZAK this was covered by the cost to take up the “new” extended option which was 0.5c per GBZAK2, which went almost entirely to admin cost for extension.

Shortfall on GBZAK2 with 0.5c cost, 7.5c strike and 2 year expiry was around 50% if I remember correctly. That is, around half of eligible holders did not see value for 0.5c price for a 7.5c option 2 year strike.

Now extend that to GBZOB, they need to charge the option holders the admin fees for extension, if it’s 0.5c per share, based on 50% take up rate for GBZAK the take up rate on the objectively worse GBZOB 11.5c strike would be abysmal and not worth bothering to extend. That’s my thinking and maybe management is thinking the same after how GBZAK2 had so much shortfall? Just not enough demand to cover the paperwork IMO.