Ann: Letter to Shareholders Re Rights Issue , page-67

Those that bought rights today at 9c will pay $2.50 on top to get 1 share and one option.

If instead they bought one share at the market close for $1.75, they would have 84c up their sleeve to buy an option later on the market.

Will the options trade at under 84c once they come on?

CDU calculated the option value at 61c in the prospectus.

An interesting picture to unfold here.