You seem to be getting rather confused. When you buy the options, say SRNOC, that is exactly what you get. You then have the choice (at any time) to: 1. sell them again on market (as SRNOC). That's your usual commsec share trading. No other payments required. 2. exercise them. That means you pay the registry company the exercise price and your SRNOC are removed from your holdings and you get SRN in their place (1 for 1 conversion). The SRN you can then sell via commsec, the normal way. 3. let them lapse because it will be cheaper to buy SRN on market than exercising them. Not the case with SRNOC at the moment but who knows where the stock will be in 2022. There are a lot of stock options around where the head stock is less than the exercise price so this happens a lot when the stock options expire.
