See How Wee Go, page-29

Thankyou @samfiodiving

If the snipers don't want them, then they can be allocated them and choose not to exercise them when the time comes.
There is no (real) upfront cost to the company to issue the pre-EMA/TH holders with a placement of options, but the potential for funds to be received by the company in the future from any holder that chooses to exercise them.

I'm of the opinion that it would only be the placement issue holders who may outright reject the proposal, and potentially those who don't want to participate in the current CR or those who have sold since (and rebought in cheaper).

Thanks again for your thoughts and efforts.
Very much appreciated.