When you participate in the SPP, you will receive options for...

When you participate in the SPP, you will receive options for free. The only reason you wouldn't receive them is because you told the company you don't want them and that would be madness!

If the options remain unlisted and you opt to never exercise them (ie exercise your right to buy shares at the 3c strike price) they will expire worthless in 2021.

If the listing is approved the options will be tradeable and can be sold or purchased in a secondary market. The options will be worth something now and that price changes based on a number of factors - time till expiration, volatility of the underlying asset (MEB), implied volatility of the options themselves and the share price of MEB. In this scenario the options have value even if the stock price is below 3c.

In this scenario you need never exercise your options if they reach a price you are happy to sell them for. I assume traders will be interested in buying them for the leverage they offer.... Time will tell