options value, page-2

Until they officially exoire, they cant be extended. In fact technically they can never be extended, but you are issued new options.

All new options will require shareholder approval. So they are free to extend and alter ex price as far as asx is concerned, but they must seek shareholder approval.

That means they are restricted somewhat. ie it has to be pallatable to shareholders(not option holders). In some cases shareholders own both. But in other cases not.

If they try to give to much of a 'bonus' to option holders, then it will(or could) be voted down.

In any event you will most like pay for the new NKPO or "extension". It would be in form of a right issue. 1:1 and they will want say 1c, then you get an additional year and the ex price might be more(or less).

OBJ have just been through the vote and are currently issuing new options. Original OBJO, replacement OBJOA. So maybe reading over their announcements will help you understand the process, beginning with shareholder approval and ending with new option.

OBJ are not the only ones. It happens regularly.