Ann: Update - iCandy IPO Spin Out Status, page-36

Yes this is true, but look at listing rule 7.22.3
As in the minemakers proposed in specie distribution in 2011 options strike price were required, and were reduced,
It was an in specie distribution on a spin off as in this case.

Now if ffg say the in specie distribution is worth 15 cents per share the strike price should drop by that amount, if so the strike price drops to 7 cents and means currently ops should be worth 15 cents

And that should rise as the heads price rises once prospectus and record date is announced.

Ffg would get less from exercise, but I am looking at it from an option holders point of view