Options are almost never considered as part of a take over - quite simply anyone who holds an option for an FPO in a company that is subject ot a T/O offer can either exercise them, sell them on market or hold them until they are worthless (i.e. the T/O succeeds and they lapse).
You will always have time to do this given that T/O's have to go through a defined process that is quite time consuming and there will be periods of trading during this process. Regardless, even if for some extrordinary circumstance the shares entered a TH/Suspension and never traded again until a T/O had succeeded, the exercise of options can still occur as they are not subject to a market action - you send in your form and your money and the FPO's are issued (as long as this happens before the completion of the T/O).
In relation to the changes to the company constitution a few years back concering partial offers, this is not really all that effective in blocking a proposal for full takeover - in effect, those changes simply made it more difficult for a "raider" to buy an absolute controlling interest in the company (i.e. greater than 50%) without being forced to actually offer to buy the entire company. All of the other rules that apply to takover provisions are unchanged.
Cheers
Badfish
CTP Price at posting:
35.0¢ Sentiment: Buy Disclosure: Held
