The options are owned by the entity Findlay Securities, so it is...

The options are owned by the entity Findlay Securities, so it is appropriate to consider Findlay's value in light of the value of the options. Just like if a company had 5mil cash and a 10mil market cap, you don't ignore the 5mil cash just because they earned it before..by buying a share in the company you are getting partial ownership of the cash.

How the value of the options will feed through to earnings depends on the accounting policies of FDY..they might be recognised up front and adjusted for gain/loss in mark to model value, or alternatively as they are unlisted the gain may be recognised at the time of exercise.

But considering the rise in CNF shares to make these options worth quite a chunk of change, it's appropriate to look at FDYs value considering the value of the options, as at some point in the future FDY will be able to buy XXX shares of CNF at 15c (i believe it is), and then those XXX shares are worth ~20c at market, a clear gain. E.g. if the options were worth 5mil, they had shares in XYZ worth 10mil, and cash of 5mil but a market cap of 15mil, they'd be pretty clearly undervalued (even ignoring their operations!)

Those numbers are completely imaginary of course.

I hope this answers your question.