Ann: Notice of General Meeting and Prospectus , page-3

On the options ARDO it reads clear IMHO

The amount returned is the fair value of the US Nickel
shares distributed for one Share held ie one half of a US Nickel share. The exercise
price of the options will be reduced by that value

So if when USN is distributed to ARD holders the USN SP is 18c the ARDO ex price will reduce by half of 18c so 9c new ex price 11c

As for the post on ARD being an empty ship once Bullant is gone wake up mate ARD are basically company focus is going back to Kempfield-Silver discovery they were before the bullant gold buy happen is why I brough a top10 option holding not for the bullant mine and your find the top20 shareholder than hold 70%+ of ARD held before bullant aswell,they first annouced the bullant buy plan late july the average SP for the four months prior was round 17c so IMHO if bullant hadn't come along we will still be round 17c SP just look at what the silver price as done over the 6 months everyone that thinks ARD will be trading below 10c because bullant is gone needs to do some ARD history research