options are potential 5 baggers?

Having stocked up on the PBIO's over the past 6 months, in preference to the f.p's, I panicked a bit last week when the oppies were invariably at a small discount to the f.p's.
However, some back-of- envelope calculations suggest all is still well.
We know the company has promised some announcements before the end of 2005. Let's assume one or more of these announcements is exciting enough to take PBI to a market cap. of $50 million - not an unreasonable figure, given that some of our ASX companies e.g. junior oilers, have market caps 3 or 4 times that figure, based mainly on prospects, not sales!
In PBI's case, a $50 million market cap. would mean a share price of 70 cents for the 50 million f.p's plus 50 cents for the 31 million options. That represents a 5 fold increase for the options, twice that of the f.p's, based on Friday's closing prices.
O.K , we might have to wait 12 months to get that 5 fold increase but the oppies have 13 months to run so I - and, I suspect, many others- will hold and wait for that announcement which might send PBI running towards that higher market cap.
Which leads to another item of interest. The Directors believe they should receive option deals of 200,000 to 500,000 each, at an exercise price of 30 cents per share. This seems rather generous to me, both in terms of quantities and strike price, especially in view of the poor s.p. performance for most of the past 12 months.
Will they be provocative and make some encouraging announcements before they get their generous option packages approved at the AGM on Nov.24th or will they wait till the AGM and assume shareholders will then be happy to grant their every wish?