non exercise of options

The Appendix 3B on 24/11/09 stated there were 47,301,414 options remaining to be exercised by 30/11/09.
Today's announcement shows only 25,504,634 of those were exercised, a shortfall of 21,796,780. The Annual Report for 30th June 2009 shows the top 5 option holders, who all appear to be Chinese interests held 21,372,655 options.
Coincidence, or have we been "sold a pup", converting all our options, while those in the know and close to the company, have shied away from them big time. If so why would they not exercise? Prior deal with Jindal, or something more sinister?
Still worried about these because it is massive risk. Jindal says yes and we win 30%, Jindal says no and we lose possibly 60%. There are no other scenarios imo.
Good luck to all those who stayed on board.