Hi mate. Once again the math is confusing you a little. At least you are close this time though, so that's an improvement...
13,225,000 (approx) exercised @ $0.016, equals an outlay of $211,600.
You would need to sell 80% of them (@ $0.02) to free carry, not 75%.
You are correct though, that selling the lot (@ $0.02) would return a tidy 25% profit.
So, what's that, half marks?
All the best.
Ann: Appendix 3B, page-4
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