jongie,
How long is a piece of string? Seriously, go to the asx website and search options. That is a basic guide. VILO is certainly not an option for people who do not understand them.
When you buy VILO you are buying the right, not obligation, to buy a fully paid ordinary share(VIL) for 10c by no later than June 30, 2010.
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vilo options, page-139
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