Ann: Share Purchase Plan Oversubscribed, page-150

Again my apologies if I sound a bit tickkooo but have never traded in "Options"
For example I am reading from Canaccord Genuity
https://hotcopper.com.au/attachments/ivz-term-sheet-draft-pdf.5328929/?filename=IVZ-Term-Sheet-DRAFT.pdf
that Options are valued at A$ 0.061.

So please how those this works? I understand that Options can be tradeable on exchange market before they expire.
So is the A$ 0.061 the initial trading price of the Option ? Meaning that those that received the "free options" can sell them to someone else at that initial price, without exercise them?
Also if someone hold there Option right, then to exercise the Option will have to pay A$ 0.20 each, hopefully when IVZ sp will be much higher, therefore making the price difference in profit?
Am I starting to understand it...lol