"Each Option will provide shareholders with the right, but not...

"Each Option will provide shareholders with the right, but not the
requirement, to purchase one Magellan share at an exercise price of $35.00 per Option, expiring
on 16 April 2027."

Options are simple. Its like a place holder on some shares at a locked in price. so if say MFG went to $50 a share, you still have the "option" to execute the option into shares for $35 each at the limit of 1/8th of your holdings from the announcement; thus making $15 profit per share if you sold them instantly.

Often this can block the share price up at the $35 mark, as 1/8th of the current market start offloading their options.