Ann: Appendix 3B-TON.AX, page-6

I say well done that man, or little old lady, or mum'n'dad or whatever.
Assuming they converted every option they held (at a cost of 1,800 x $0.15 = $270.00) that person acquired 3,600 shares in the rights issue in January at a cost of $324.00. Again assuming they took up their full entitlement at that time their original holding was 14,400 shares. If as seems likely they are intent on taking up their full entitlement in the current rights issue - that would be 19,800 x ¼ = 4,950 shares at a cost of $297.00.
A few assumptions, and there are other possible scenarios.
Good on them, those 1,800 converted options show that although they may be a small holder, they are trusting that TON will prosper. Nice to see given the troubles of the past 12 months.
I sincerely hope that holder's trust is handsomely rewarded, that will be good for all of us.