That makes perfect sense, obviously there's a benefit at this...

That makes perfect sense, obviously there's a benefit at this stage having a cheaper exposure to shares. I labelled it as PIA as I was thinking more down the track closer to exercise-date when the only buyers would be those wishing to exercise. I know it's easy, but at that stage ARU and ARUO would converge so it would be still an additional step.

I have quite a lot of oppys (at ~6c) and definitely considered them to be a great way to gain future exposure to a greater number of shares. One benefit of these being offered in the CR to sophs is that LT sophs would be disincentivised from playing any games that pushed the ARU price down near exercise date? ARU will themselves also want to do everything they can to ensure the options get converted so that they can pick up the $$.

The risk with options is IMO going to be to/from those that have no intention to exercise them. There'll be strong supply of ARUO close to exercise date which may create waves in the ARUO price (depending on the ARU price at the time).

It's important to DYOR with these and continuously manage your risk exposure. There's an end date, so if you find yourself in a position at exercise date where the ARU SP is less than your options buy-price + 34c then you've lost your buy-price.