shorting again, page-83

Ozblue the maths are factual the share price is $1.73 the SPP was for $2.50 - The value of the option is hypothetical and was based on the companies calculation using the black scholes method and IMO an unrealistic volatility rate - changing the volatility rate and the risk free interest and using the current share price makes them worth less than 10c but the market says there worth 40c as there is a buyer for 10k at 40c so I acknowledge your point.

Lets go back a further then in 2009 prior to the JORC update the Share price was north of $6 - fast forward 5 years and the share price is down over 70% no need to factor any options into that math equation.