Hi Bellaem
Around one month prior to expiry of options (i.e. late Apr/early May) the company secretary will send out a letter notifying option holders of the expiry date etc. An option exercise form will accompany the letter.
To convert the options to heads you must complete the exercise form and pay 2 cents per option. The resulting heads will rank equally to existing fully paid ordinary shares, i.e. ASX:PDY
Ann: Becoming a substantial holder , page-8
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