Looking at the options I have read these two points
http://www.asx.com.au/documents/pro...rminations_10_July_2013_cash_adjusttments.pdf
section 13. Takeovers and Mergers under Schemes of Arrangement "The intrinsic value method is equivalent to the expiry of the options effectively brought forward to the last day of trading of the underlying security. No market is available in the underlying security and hence no market available in the options. Generally, the cash offer amount is used in lieu of the market value of the shares on the last day of trading. All terminations are determined on a case by case basis."
This would suggest the options have value, then in KDR announcement,
http://kidmanresources.com.au/live/...cember-2016-Quarterly-Activities-Report-1.pdf
The New Options are only exercisable by the holders of the New Options between 9.00 am and 5.00 pm on 30 April 2018.
As the Prospectus dated 23 March 2016 made it clear, the New Options cannot be exercised at any other time. In particular, there will be no acceleration of the exercise of the New Options even if there is a takeover bid for the Company or some other form of control transaction occurs.
This muddies the water and suggests the options may be worthless.
I have been hanging off buying the options, and only looked into this when speculation about take overs was raised. I am not sure now.
Does anyone have a clearer idea about these statements and how they affect options.
