Here it is in black and white (Screenshot from the ATO website)...

Here it is in black and white (Screenshot from the ATO website) for all the past 4.5c Crap Raise participants, with their FREE 7c Options, hoping, waiting for a decent price to sell down and convert their options:

Basically, if Pika's dream comes true, and in fact the Chinese or someone else makes a T/O offer in the next 12 months for all the shares on issue, the option converters will pay FULL CGT, from the transaction date, unless held longer than 12 months.

The way I see it, with less than 4 months left to convert, the time is ticking and more than likely, I would presume the likes of EEA, WMA and any of the new big boys throwing cash around, would prefer to see the options expire worthless, which means less dilution. Win/Win for us pleb investors I would think? Especially if the ML is issued in the 3rd or 4th Q. Nothing to hold back the SP increase as selling into any strength will be reduced.

This is why I don't think we will see much progress occur, until after August 7. For me this would be kama, for the greedy, selfish deal our Corporate Advisor put together after the BFS was released nearly 2 years ago. Those 7c Options were a joke and still are, as I feel it is now holding the SP back until they have either expired or converted cheaply.

As always DYOR