# Options, how do I convert mine?



## Ants (4 December 2006)

Hi I would like to convert my JMS options for trade, but I have no idea how. The Banks are closed and I need to put my order in for first thing. Any help would be appreciated, thanks.


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## Ants (4 December 2006)

Any help is better than none


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## vicb (4 December 2006)

When do your options expire?
Also have they sent you any forms or paper work?


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## Ants (4 December 2006)

Thanks vicb!, They expire in 2 months. But I wish to convert and trade them tomorrow. Man Im no good at  paperwork. I dont think so?


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## vicb (4 December 2006)

What is the option price or convertable price?


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## Ants (4 December 2006)

Convertible price is .20 market price is now .305. 

I am with Westpac.


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## lesm (4 December 2006)

Ants,

You will probably find that you need an Application Form On Exercise of Options.

As vicb asked, have you received any forms from the share registry? A form should be sent out to you periodically. If not contact the relevant share registry and they will send the form(s) to you.

You may also find that if you if the options are exercised during a month that they will only be deemed to be exercised on the last business day of the month. You can confirm this via the company or share registry. 

The Notice of Exercise of options will only take effect once the company has received the cleared funds.

Cheers.


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## Ants (4 December 2006)

Thankyou very much LESM!


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## Ants (4 December 2006)

So I cant do any of this as easy as a share trade, electronically/automatically?


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## vicb (4 December 2006)

Not sure how you can convert them so quickly so that you could sell them tomorrow. 
I do not hold, nor do I know much about the stock, but I see there is a 55% jump in the price for an ordinary shares and a 228% jump on the option price today (very good).
I am guessing the options were given to you?
I am hoping somebody else may have a clue for you (it normally takes a week for options that I have had in the past to convert I too am quite new at options) but if they were given to you free (that is you have not paid for them, then look at the math)
Options trading at 10.5c ( + 20c to convert costs) = 30.5c an ordinary share
Ord. shares are trading at 31c
Point being the difference between the options and the shares is not that great. 
Hope somebody else picks up the thread for you but I am new at this myself and do not know how you can convert them so quickly.


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## clowboy (4 December 2006)

can you not just sell the options?

are they listed in your westpac account?

Not sure if you need to add options trading in westpac but I would think it alot easier to just sell the options as is if you can.


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## sails (4 December 2006)

Here are a couple of suggestions you could consider - one is to hold the options giving you a guaranteed stop loss at 20c for the next few weeks until 31 January 2007 or until you decide to close the position.  The second is to simply sell your options on the open market and then buy the shares providing brokerage and slippage costs are not too high.

However, as I'm not familiar with the terms and conditions of company options, these suggestions may not be applicable.  On the normal ETO (options) market, we organize exercise with our broker, so might be worth a phone call to your broker to find our more information.

Best of luck!


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