Most stocks carried options years ago but as all options were rendered worthless in the 1987 crash few more were ever issued. In those days placings were virtually unheard of and rights issues were the rage and shareholders hate placings.
So maybe BOA are bringing options back into fashion to raise future cash. If it goes pear shaped you lose 1c and if they strike lucky you make a fortune.
Usually 1c would be paid for each share and a conversion price set. If it is high, say 70c, then it may start almost right away or if below the current price from a set date. Usually a wide period is set, perhaps up to 3 years so some may convert on price spikes.
Most stocks carried options years ago but as all options were...
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