They are called a loyalty option. Vest in 1 year, expire a year later and exercisable at $1.10.
They can only can be exercised by the applicant in the IPO.
They are non-transferable and won't be quoted on the ASX.
Once a share is sold the option attached to it automatically lapses, even if the application in the IPO buys it back.
An interesting take on the normal options associated with a LIC.
Ann: ASX Notice, page-14
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