options, old and new

I hold heads, old options and new options,(or rights, at least).

I believe this company has a bright future.

I believed this company had a bright future when I bought a small bootload of the old options.

I posted a while back that I could accept the options being almost definitely out of the money, because as an option holder you accept increased risk and return.

But I no longer have such a tolerant view on that. The company hugely changed the rules when they came out with the recent capital raising. I bought the options with some small but real expectation they would be in the money in November. The giving up of Catapult reduced their chances, but I can accept that as being part of the risk of oil exploration.

The capital raising however, was initiated by the company and has pretty well reduced the value of my options to zero. There are no buyers at all.

The options game has changed completely, and Target has unilaterally changed the rules. I strongly believe that the company owes some responsibility to we option holders who put up money to support them, when they have now changed the rules on us and cost us money.

Couldn't they restore some faith and reward loyalty now by giving something back to the option holders? I know they can't change the terms of the options, but perhaps they are able to offer something to holders, like offer 1 new option for 10 old, without disadvantaging other shareholders too much. I know this is possible, other ASX companies have done similar.It would be a good PR exercise.

As I said, I hold heads and options, and I wouldn't think this is unfair. I think many option holders are, like me, shareholders too.