Most would have taken the money now - in cash - and said thanks very much - I don't need the options.
Given these options are "unlisted" it means they won't be able to trade these on-market. So the only way they can benefit from this transaction is to exercise the options, convert into shares and sell the shares on-market. Surely they would expect the share price to be trading in excess of 5c in 2014 - otherwise they would have thrown money down the drain.
Most would have taken the money now - in cash - and said thanks...
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