You get options on a pro rata basis when you participate in a...

You get options on a pro rata basis when you participate in a capital raise for free. Think it was 1 option for every 4 normal shares already owned. If you had 10,000 normal shares you would get allocated 2,500 options if you participate in the capital raise.

or you can buy/trade them by using the ASX code FFXOA and buy them for less and hope they go well past your buy price because you have to add the buy price of FFXOA plus 15 cents. So if you bought FFXOA right now it would have to raise above 37.5 cents (22.5 cents FFXOA + 15 cents in future conversion) on FFX to make it worthwhile but good hedge if you don't have the money at the time to buy FFX on market.

Needs to hit strike price for instance. 15 cents on the FFX code that expires in October this year. Then you can apply to convert them to full ordinary shares. For instance if you got them for free in the capital raise. And you want to exercise the right for the options it shall cost you 15 cents to have legit shares instead of buying shares at current price of 36 cents...

i hope I confused you hahahah. Or someone will correct my understanding of options please.

cheers