I love your thinking, however, I am having trouble following your mathematics.
Based on issued shares (1.8+ billion), 1c down translates into a saving of $18+ million. For your figure to stand true, it would necessitate 2.7+ billion options to be exercised. Do we have that many ?
If what you really meant was 1% down, then the TO offer would total A$4.5 billion and each share should be compensated in excess of A$2 (actual options been exercised and included).
Could you could, please, elaborate ?