Ann: Invictus Energy Entitlement Rights Offer Opens, page-132

The same with the option, unless of course you wish to execute it in the future where it will cost an additional 20c to convert. The options give leverage at a lower cost now with the ability to on sell if you do not wish to convert, unsure of CGT on free options if selling. The CGT clock does restart though on conversion to shares. These options have a reasonably long life to achieve the target price and if we are taken over in that time they do get purchased along with the Company shares (my understanding anyway).

The casino rules aren’t written to benefit retail so the choices are your own, Invictus has tried to do the right thing by shareholders, the shares will be taken up by someone or some entity, that’s why they drop the share price like they do to make it appear unattractive to holders and give them a viable second option.