Harvett, its a little bit more complicated than that, and for...

 Harvett, its a little bit more complicated than that, and for the purpose of using an example , I bought a pile of  $0.11 TONOB options (expiring Nov 2018 about 14 months ago, sometime after they had initially traded on the ASX. I paid $0.04 / TONOB. I can't remember what the initial buy price was but I remember some "blue sky people" on HC dreaming that the TONOB options could end up equalling or coming very close to the head share price, at that time . Anyhow the TONOB's didn't do too much after I bought them and there wasn't much good news out of management over the ensuing 14 months and they slowly retraced to be of zero value when they expired in Nov. last year. It was my experience back then that the TONOB's were not as reactive to price movements/ news as the TON shares were and if my memory serves me correctly they didn't have the daily trading volumes that the TON shares did. The TONOD's will start trading in their own right on Tuesday 29th Jan.(if the Directors don't change the date). For me to be "in the money" now the TONOD's need to be worth what I paid for the TONOB's ($0.04) and what the TONOD's cost me ($0.0054) = $ 0.0454 eachI hope this has helped your understanding. DYOR