Kayotic, each ANPO is a right to buy one ANP share at the price of 1.1cents i.e. if you hold 500 options you have the right to convert these options into 500 shares at 1.1c.
Normally when you purchase options youshould receive a form with your details inviting you to convert into shares. This however does not need to be done until the conversion date which in ANPO's case is 31st July 2012.
It is of utmost importance that conversion is done with cleared funds by the due date, a cheque delivered on the day is not considered to be cleared funds. Failure to have paid in cleared funds by the 31st July will result in the lapse of the options making them valueless.
In the event that you need to sell shares in order to pay for the options you need to take into account that payment for the sold shares, in most instances, will not occur until 3 trading days after the sale date. Thus if you sell shares on Wednesday you will not be paid until after closure of trading on Monday. It will then normally take another day for this 4.00 PM Monday payment to arrive into you bank and another day for you to transfer it to ANP.
ANP Price at posting:
25.0¢ Sentiment: Buy Disclosure: Held
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