Stating the obvious here but perhaps some have missed this....

Stating the obvious here but perhaps some have missed this. Whilst the options exercise price is 25c, the options give Westar no profit if DXB is trading at 25c. The target price is much higher.

They can acquire $125k worth of shares at 25c but why would they exercise the options until the price is for example at least 30c (making $25k profit), or maybe even 40c ($75k profit). Same with the other options. 50c may be the exercise price but I suspect Westar wouldn't be exercising these until the actual share price is well above 50c.