I beleive the 1 for 3 free option will be listed and ex price of 25c...if thats the case it should trade around the 10-12c mark with AQO at 21c.
That would give it a value of 3-4c for every share held.
Need to pay 1c for the option aswell I beleive.
Hopefully they announce holders who hold at a certain date in the future are eligible, this should help push AQO higher.