Ann: FY16 Results Webinar and Teleconference-CM8.AX, page-27

I guess other than the value of the option, there are a couple other considerations even if you assume the option is worth 1c):

1) do you normally purchase options? Would you purchase the options if you had the choice? If not why would you now just because they are "free" (which they aren't, you are paying for 1c for it less brokerage which is minimal). Remember options are mostly used as a hedge or leverage to achieve high returns with minimal outlay. I would say most investors do not trade in it.

2) does the option fit your time horizons? 2 years may be too long or too short for some people.

3) non tradable - linked to point 2 but what if the share price gets to 25c and close to being in the money after 1 year but you want to cash out due to whatever reason? Sorry you can't.

Anyway expect it to be heavily undersubscribed and dom to fill in 500k and theo 100k.