"If WN Australia pursuant to the Conditional Offer acquires (1)...

"If WN Australia pursuant to the Conditional Offer acquires (1) all BRM Shares in issue not already
owned by WN Australia and (2) all BRM Shares that are issued as a result of the exercise of BRM
Options assuming that the BRM Options are exercised in full before the end of the Offer Period...."

What does "assuming that the BRM options are exercised" mean. Do the directors have to pay $4.85 to get the $1.50 cash plus the toilet paper, or are these 4.9 mill options different?