Ann: Application for quotation of securities - 4DS, page-69

It's not necessarily financially worse.

If you think this is as low as the SP is going to go, and you're extremely confident there is going to be a big leg up from here AND you reside in the US, you would exercise now.

In the US you calculate tax on the difference between the strike price and the share price at the time you exercise the option. In Australia, the capital gain is calculated when the head is sold.

Nobody, not even the holders of these options, knows the form that the TO will take, if one happens at all. Maybe there will be a scrip offer. Maybe a listing in the US will happen first.

Whatever happens, it's good to have a lot of cash in the bank right now. Money isn't everything, but it gives you options.