Hi hellbilly, N27 trades options on the ASX . Code N27O and have an exercise price of 20c and expire Sept 2019. The options are trading today at 28c . You can buy the options on the ASX , pay the 20c exercise price to N27 and get issued a normal share . So today , if you exercised it would cost you , 28c for the option and 20c exercise ..total of 48c. On the 29th Jan , someone exercised 212,500 options at 20c , for a total of $42,500( 212,500 at 20c ) and received 212,500 shares. Every time options are exercised a 3B has to be released as the number of shares increase. Hope this makes sense.
Good luck.
Ann: Appendix 3B - Exercise of Options, page-3
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