ann : loyalty option issue, page-43

Spike,

You can exercise them anytime you'd like before 31 Jan 2017.
Prior to that you can buy and sell as with any other listed stock or option.
If you truly believe that the share price will go up considerably then options will offer a better return.

For example let's say you had $18K to invest on ANP.
You could either buy 100,000 shares or 450,000 options (assuming the volume was there). (Today I recall 2 figures bandied around as to the price. Itsagas mentioned $3.50 and Jenkins mentioned $0.60)

LET'S JUST SAY - AS AN EXAMPLE ONLY (no ramp or downramp intended - I don't know what it'll be in 12 months) say ANP price gets to $0.50. Your 100,000 shares has gone from $18K value to $50K.

ANPO would be valued at the absolute worst at $0.23 maybe more - $0.3??? $0.35??? depends on time left to expiry.

So in this scenario your 450,000 ANPO has gone from $18,000 value to $103,500. ($135K at ANPO of $0.3, $157,500 at ANPO of $0.35 etc.)

Options provide greater leverage but getting in and out can be difficult as volumes traded are usually much less.