options from share issue, page-8

Colgan, you are confusing ETO's which stands for Exchange Traded Options, regulated by Options Clearing House (OCH) with company issued options.

The company issued options are more/less like a shares with a limited life. They will quoted on the ASX, same as ordinary shares and you do not need Option Trading Account to trade them.

You will be able to trade (buy or sell) the new OBJ options on ASX in the same way you buy or sell shares. Or you can elect to exercise them, (which means convert them to shares) at 1 c a share. You do that by filing a form and sending it with the payment to the company. Company will the issue same number of shares to you as the number of options you have exercised.
You will have until December 2010 to do this. and you can do it anytime between the day you receive the options and December. Decision will be yours.

Brian