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Alice Queen Limited (ASX:AQX) has issued a final notice to holders of 572,580,104 quoted options (AQXOC) that these securities will expire at 5.00pm (WST) on Wednesday, 19 August 2026. The company formally notified all registered optionholders on 23 July 2026, outlining the exercise process ahead of the deadline. Each option can be exercised at $0.02, converting into one fully paid ordinary share in AQX upon exercise. This expiry date is a crucial deadline for optionholders to either convert their options into shares or allow them to lapse.
Key Points
- Alice Queen Limited (ASX:AQX) has announced the pending expiry of 572,580,104 quoted options (AQXOC)
- Options will expire at 5.00pm (WST) on Wednesday, 19 August 2026, with last trading on Thursday, 13 August 2026
- Exercise price is fixed at $0.02 per option, each converting into one fully paid ordinary share upon exercise
- AQX shares closed at $0.006 on 21 July 2026, trading below the option exercise price
- Optionholders must complete payment via electronic funds transfer by 19 August 2026 or their options will lapse
- No underwriting agreement exists for these options
Massive Volume of Listed Options Near Expiry Date
Alice Queen Limited has announced that 572,580,104 quoted options will expire soon, representing a significant portion of securities issued to its optionholders. These AQXOC options, listed on the ASX, provide investors conversion rights gained through prior capital raisings or equity incentive programs.
The expiry of over 572 million options marks a major corporate event. Optionholders must decide whether to exercise their rights at $0.02 per option to receive ordinary shares or let the options expire worthless. The formal notice and personalized exercise forms comply with regulatory requirements to inform all holders of their rights and deadlines.
Exercise Price of $0.02 Well Above Current Market Price
The $0.02 exercise price significantly exceeds the current market price of AQX shares. As per the company’s notice, AQX shares closed at $0.006 on 21 July 2026, far below the exercise price. This gap is critical in assessing the likelihood of option conversion.
During the three months prior to the notice, the highest share price recorded was $0.01 on 8 May 2026, still under the $0.02 exercise price, while the lowest was $0.006 on 20 July 2026. Unless the share price rises substantially before expiry, exercising options may be economically unattractive. Investors should watch for any price movements or announcements ahead of the 19 August 2026 deadline.
Option Exercise Terms and Procedures
Each AQXOC option converts into one fully paid ordinary share upon exercise, with a one-to-one ratio applied uniformly. Optionholders may exercise all or part of their holdings, allowing flexibility based on individual investment strategies.
Payments must be received by 5.00pm (WST) on Wednesday, 19 August 2026. The company has arranged electronic funds transfer payments via Westpac Banking Corporation (BSB 032-289, Account Number 629 518). Optionholders should include their Securityholder Reference Number (SRN) or Holder Identification Number (HIN) as the payment reference. Personalized exercise forms and instructions are provided in hard copy and through the investor portal. Queries can be directed to the Company Secretary at 03 8669 1408 or [email protected].
Last Trading Date and ASX Delisting of AQXOC Options
Trading of AQXOC options on the ASX will end at market close on Thursday, 13 August 2026. This is the final opportunity for investors to trade these options on the secondary market. After this date, AQXOC options will be suspended from trading, leaving exercise as the only option.
Following the trading suspension, optionholders must exercise their options directly by submitting the exercise form and payment. This transition removes the ability to trade options publicly and sets a firm deadline for decisions. Investors should note the 13 August 2026 date as their last chance to trade AQXOC options on the ASX.
No Underwriting Support for Expiring Options
Alice Queen has confirmed there is no underwriting arrangement for the AQXOC options. No financial institution or underwriter guarantees the exercise of any outstanding options. This is standard for options with long expiry periods and large volumes, placing the decision to exercise solely with optionholders.
The absence of underwriting means the company has no obligation to acquire unexercised options or support the exercise process through third parties. Optionholders must independently decide whether to exercise, with no institutional backing involved.
Comprehensive Notice and Communication to Optionholders
The company has issued formal notices and personalized exercise forms to all registered AQXOC optionholders in compliance with Section 5.2 of Appendix 6A of the ASX Listing Rules. The communications detail conversion ratios, exercise prices, key dates, share price information, and payment instructions to ensure optionholders are fully informed.
Leonard Math serves as Company Secretary, with Ben Creagh handling Media & Investor Relations. Managing Director Andrew Buxton is also available for inquiries. Contact details include phone 03 8669 1408, email [email protected], and the company’s office at Level 2, Rear 568 Chapel Street, South Yarra, Victoria 3141. This multi-channel approach supports optionholders in making informed decisions.
Critical Deadlines and Timeline Overview
The notice issued on 23 July 2026 gives optionholders roughly 27 days to exercise and pay. The key dates are Thursday, 13 August 2026, when ASX trading of AQXOC options ceases, and the final exercise deadline at 5.00pm (WST) on Wednesday, 19 August 2026, when unexercised options expire.
The company has not indicated any extension or modification of these deadlines. Optionholders are advised to submit exercise forms and payments well before the final cutoff to avoid delays. Payments via electronic funds transfer must clear by the deadline. For any questions, optionholders should contact the company promptly to ensure resolution before expiry.
Market Performance and Share Price Trends Leading to Expiry
Leading up to the expiry notice, AQX shares showed limited price appreciation. The closing price of $0.006 on 21 July 2026 contrasts sharply with the $0.02 exercise price. The highest price in the three months prior was $0.01 on 8 May 2026, still 50% below the exercise price, while the lowest was $0.006 on 20 July 2026.
For optionholders, buying shares directly at $0.006 is more economical than exercising options at $0.02. Options are typically issued with a forward-looking exercise price management expects to be in-the-money at expiry. Despite the current price gap, holders with confidence in AQX’s long-term outlook may still choose to exercise, effectively betting on future share price gains.
About Alice Queen Limited and Business Overview
Alice Queen Limited (ASX:AQX) is a publicly listed company with a shareholder base that includes holders of these expiring options. The announcement focuses on the administrative aspects of option expiry and does not detail the company’s business activities, operations, assets, or financials. Investors seeking further information should consult the company’s latest annual and quarterly reports or investor presentations.
The large volume of expiring options suggests prior significant capital raising, employee incentive, or financing activities. The outstanding options indicate no recent refinancing or restructuring of these securities. The expiry of this volume without related announcements on capital structure changes is notable. Investors should monitor subsequent company communications for any updates on capital position or shareholder composition.
