Not withstanding commentary on spin/revenue raising etc, can...

Not withstanding commentary on spin/revenue raising etc, can anyone explain in laymens terms what is actually on offer/proposed?

Specifically what is meant by the exercise price of $0.05 per loyalty option, and how would one perform this transaction?

I understand that the post-consolidation share is worth more stock than pre-consolidation which explains the price of $0.05 instead of $0.001 was the stock price?

I presume CLZ are going to explain further.

Sorry if I come across as a bit thick, but this is as thick does