pointless rr issue question

Hello stakeholders,

Concise Relevant Question:

As a SHPO holder, what would you've done or, what have you done with the Renounceable Rights Issue?


Convoluted Irrelevant Long Winded Version:

1) Hello all, I will put up an amateurish question re: the options.
Background: I don't know anything about options, I am a vanilla 'shares and 3 veg' guy; things like strike price, time decay, Black Scholes etc give me a headache. I decided to take a small/minimum punt on SHPO ($600) after reading some posts here. Yup, stoopid act indeed but since I am treating it as nothing more than a punt on Red or Black on the roulette wheel, there will be no crying on my part.

2) I only got the "Notification to Options holders" letter yesterday (12/3/14) after the market closed because I've just moved and Australia Post stuffed up my mail re-direction. Therefore, I assume I am too late to exercise my options (in Maxwell Smart voice: "Missed it by...that much, Chief!")

The original question above is for academic/intellectual purposes.

3) Another newbie remark: I did like though, that the rights issue is Renounceable. In all my years playing the market and being foisted with rights issues, I can count on one hand the number of times this has happened. This indicates to me that management are doing right by the holders (and points to confidence in the company). But what would I know, as I said, I'm a vanilla 'buy and sell shares' kind of fellow.