On 1 August 2023, Alpha Ltd holds a substantive deep-in-the-money option to acquire the majority of shares in Beta Ltd that is exercisable in 30 days. The earliest date the existing shareholders of Beta Ltd can call a special shareholders' meeting to change the company's policies on its relevant activities is in 25 days. Based on these facts only, does Alpha Ltd have the power to control Beta Ltd as of 1 August 2023? 1. Alpha Ltd does not have the power to control because the option cannot be exercised before the earliest date that a shareholders' meeting can be convened to change the company's policies on relevant activities. 2. Alpha Ltd does not have the power to control because the option only represents potential voting rights, not real voting rights. 3. Alpha Ltd does not have the power to control because Alpha Ltd will suffer a financial penalty if the option is exercised. 4. Alpha Ltd does not have the power to control because the option has not been exercised.