why is there a 2c gap ado/adoo

when the exercise price is 1.2 cents, in the early days the gap was almost 4c at one stage, then recently it tightened to around 1.5 cents, now back out to around 2c. Lots of people exercised and because of the time it took to actually own the shares, they lost money as the share price plunged quickly, but now, shares are reasonably strong last few days, and still the gap...am i missing something here ?? In my book there should be no more than a 1.5c gap, that allows a small margin for error, but 2c is rediculous :-(