Ann: Bonus Option Offer, page-29

Non listed option means that they will be registered to the eligible holder, but you wont see them on your trading account. They can not be onsold to someone else. I think boardroom is the registry ANP use. So if you set up an account with them, you will see your unlisted option holding there.

At anytime before they expire, the holder can pay the strike price of 48c and convert the option to a share. If you dont convert the option, they cease to exist after the expiry date.

So the option becomes valuable and worth converting when the share price is above 48c. That would be a market cap of around $350 million. I would hope we would be north of $900 million if futility goes to plan. And that does not include any indication outside of DMD.