The most simple way to think of it is like a CR at the exercise (or strike) price.
The options convert to fully paid ordinary shares when a fee (exercise price) is paid to the company, in this case it would be 350M shares at 2c.
People convert when the options are 'in the money' - meaning over the exercise price.
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- Ann: Notice of General Meeting/Proxy Form
Ann: Notice of General Meeting/Proxy Form, page-13
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