The exercise date is November 2020, therefore they need to be...

The exercise date is November 2020, therefore they need to be converted to ordinary shares before then. Alternatively, if 'not in the money', then you can let them lapse, which effectively means forfeiting them for nil value. Oppies are a means of gaining leverage if one believes that the SP is going to increase, especially well beyond the exercise price. To provide an example, they are trading at 0.2 and the exercise price is 1.5, therefore if purchasing now, the SP needs to reach 1.7 for you to break even. May appear somewhat of a stretch, but time is on one's side at the moment given 15 months to play with. Also, if the SP was to reach 3c (for example) and assuming the oppies traded at that price less the exercise price (ie. 1.5c), then current holders of PMY would achieve a 375% gain, while PMYO holders would achieve a 750% gain. Is all dependant on the SP and whether one believes it will increase well beyond 1.5c before November 2020. It may or it may not, this is the game we play.