Discussions with globally significant companies, page-45

the options expire 15/1/16 & are exercisable at 25 cents

if a takeover occurs by 15/1/16, at say 40 cents, the option holders pay 25 cents to exercise their options, receive full ordinary shares in return & get an additional 15 cents from the takeover

if there is no takeover and the share price is 20 cents at 15/1/16, options holders can still pay 25 cents and get shares in return

while ordinary option-holders will not exercise for 25 cents if the share price is 20 cents (since it is cheaper to buy the shares on market), large shareholders like Dingyi or Harlequin may exercise their options so they accumulate more shares

why don't you learn about options rather than demand to be spoon-fed here?