What you say is correct. But my point includes this:
As at 27 July 09, the top 20 option holders, according to the annual report, accounted for 62 million of the 92 million listed options. The spike in the price has occured post that date, so many of those would have changed hands ... i don't know - say 20% conservative guess, which means there's 30 million + the 12 million (20%) still in the market at purchase prices I'm guessing are greater than 1 cent - mine certainly are. I reckon, as you point out, much of the 42 million will be in that 4 to 10 cent bracket, which means these people or whoever they sell to pre Jan 2010 are holding up to 11 million of potential cash in their hands.
Surely that is money WCU needs and Batten must need to have a strong and viable company post January 2010, given they'll burn most of the cash they have in the bank getting the stuff out of the ground?
WCU Price at posting:
25.5¢ Sentiment: Hold Disclosure: Held
