valuation, page-15

If the new options are issued at 3c with a 35c strike price as previously advised, it will cost 38c for a new share.

If the sp does not go above 38c (even with the Anglo resolution and a JV the sp will be lucky to go above 40c in the short-term) I would think not many options will be exercised. So management will have fulfilled their promise and there won’t be anything shareholders can do about it.