My reading was that the initial prospectus or surrounding...

My reading was that the initial prospectus or surrounding commentary seemed to suggest that they were loyalty options, requiring you to hold as at both listing and the later record date. However, I understand that the ASX recently did not allow another company to do this, and maybe they asked PTS to change it as well. The current prospectus does not seem to require holding at listing, just holding as at the record date some months after listing.

Cheers
OG