Here's a worked example. If I owned 2 PAROA options, and the share price was at $1.27, I could exercise the 2 options and 1 piggyback option by filling out a form and sending 2*$0.65 + 1*$1.00 = $2.30 to Automic (PAR's share registry).
I would then be issued 3 PAR shares, which I could then sell on market for 3*$1.27 = $3.81, leaving me with 0 PAROA options, 0 PAR shares, and a bank balance (-$2.30 + $3.81) = $1.51 higher than before I exercised my 2 PAROA options.
Therefore the minimum value of 1 PAROA option (when PAR's share price is $1.27) is $1.51/2 = $0.755.
The general formula for the minimum value of the PAROA options is given by
OP_min = max(S - K_LO, 0) + 0.5*max(S - K_PBO, 0)
where S is the current share price, K_LO is the strike price of the loyalty options, and K_PBO is the strike price of the piggyback options.
For S = $1.27, K_LO = $0.65, and K_PBO = $1.00, this becomes
OP_min = ($1.27 - $0.65) + 0.5*($1.27 - $1.00) = $0.755 (which is the formula I used in my post above[1])
Ignoring liquidity issues (e.g. if a big holder like PR tried to sell all his shares on market at $1.27 he probably couldn't do so without moving the price), the "true value" of your PAROA options will always be greater than or equal to OP_min (which is more commonly referred to as the option's "intrinsic value"[2]).
[1]
https://hotcopper.com.au/posts/78090521/single[2]
https://en.wikipedia.org/wiki/Option_time_value#Intrinsic_value
(20min delay)