Important to note if they don't exercise options they are worth...

Important to note if they don't exercise options they are worth 0

it will cost 5.5m to exercise the shares which would then theoretically be worth 186m x the shareprice minus 5.5m. which regardless of the shareprice will mean they're ahead.

So why wouldn't then just buy on market?!
well correct there is better value to do. however if they'd like to obtain 9% of the registry (186m) shares that's an obscene amount to buy on market. S/P would be 15c or more.

IMO they exercise if interest. 5m is the cheapest option to get 186m shares in avz. needs to be above 10c though.

SF2TH