BATO are options but most info you'll find, especially from ASX,...

BATO are options but most info you'll find, especially from ASX, relates to Exchange Traded Options (ETOs) that are a different instrument.

Consider BATO closer to BAT FPOs - The company is the only entity who can create (write) them. There are a fixed number, although the company can issue more - not going to be surprised if they're part of the future equity CR - but not just willy nilly. Upon exercising, the company will issue new shares.

Not sure of the settlement type designations, but BATO are settled through delivery of shares only, as opposed to cash, or either of. They are an "American" style option in that you're free to exercise at any time, today if you'd like. You'll usually find companies/registries release security specific exercise forms once the options are in the money but there should be generic forms available from the registry. Complete the form and submit to the registry along with the payment. 

Jury is out on management IMO. I stick by my comment from last year though that if BAT can't get into production then the FPOs will be just as worthless as the options come 2023. If they do, then the options are a better leverage play.