Can anyone in here shed some light on the award of these LTI's?...

Can anyone in here shed some light on the award of these LTI's?
Considering the IPO and listing price was 70c, how is the the fair value price per option at time of grant (i.e. at listing) recorded as predominantly $0.45?

To me this just seems astonishing that the exercise price on these options could possibly be below the IPO price? Given that capital was raised form SH at 70c at time of listing, how could the board possibly reward themselves with options (in the money by 10%) below the IPO price?

To me it just seems artificial that the fair value at time of grant is $0.45 and exercise price $0.64, am I missing something here? It appears to illustrate that the directors have achieved a 40% increase in value of the options, when they have not achieved any growth in SP for SH from IPO....

Someone please explain if I am off on a tangent....