"So they now hold 13.3 million options exercisable at 11.7c ......

"So they now hold 13.3 million options exercisable at 11.7c ... I would assume they also have an interest in letting us go past the current resistance levels?"

Yes, this does provide some motivation to avoid driving the price down, but that said, the expiration date on these options is Sept 2020 so its not really urgent. It would be great if the expiration date was only a few months away as that would ensure they go out of their way to keep the price up in the short term.


"Also, wouldn't it make sense for them to convert now if they are certain the price will be going up soon? So they can convert at a lower price and maximise their return?

Perhaps they are going to hold a good chunk of it until the auction?"

You and I would convert as much as we can while the conversion price is still low, but from Arena's perspective (and note holders in general) once they convert their note into shares their investment carries risk by exposure to SP. To mitigate this risk they tend to convert only what they can offload so they limit the amount of time they are exposed to SP risk. Remember, their returns are very healthy in this deal already.. they can 'play it safe' and still be assured of 'making a motza'!