IVZ Share Price, page-22444

If the share price is anywhere over 20c, it will make sense for every option holder to exercise irrespective of what they paid for the options.
You must bear in mind that what you paid is not relevant to the decision to exercise. It only matters whether the share price is over 20c.

As an example, if the share price is 25c, it is worth exercising because you can buy for 20c and sell for 25c immediately. This decision is a discreet one, made solely on the extent to which the options are in the money.

If you paid 10c per option, it just means that overall, you will have lost 5c (ignoring brokerage). But if you choose not to exercise, then you forego the 5c profit and will then be down 10c in total.