Yes bdang, but when you 'trade them in for 20c' - that's...

Yes bdang, but when you 'trade them in for 20c' - that's officially called 'exercising your option' as you have exercised it for a fully paid share instead.

When you say 'trade it in', it can be confused with trading it on the stock market - i.e. selling your option to someone else.

By the way - there is NOTHING stopping you buying these options on market in the same way as you buy fully paid shares. The exercise price and expiry date are always found on the last company 3B notice if you don't get them from your data provider.