IVZ 4.62% 6.2¢ invictus energy ltd

Hi question please on recent CR and options at 20c.Am I correct...

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    Hi question please on recent CR and options at 20c.
    Am I correct in saying that if one were to exercise his/her options at 20c, need to be holding the initial shares (or some) bought at 12c?
    I read that possibly some investors may be selling earlier, shares bought at 12c during CR, to to benefit risk free of the option.
    How can be possible that one is not a shareholder anymore, but still has the right to free options, albeit at 20c?
    Thank you
 
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