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Well I spoke to my broker - TD Waterhouse.  I am told that "normally" when a company is delisted the CBOE will adjust the options accordingly, which in this case means they will likely be tied to the underlying Canadian stock and adjusted to accomodate exchange rates etc. 

 

The CBOE will make an announcement at some time on their web site as to what they will do. 

 

Please do not take this as gospel as I am dealing with a discount broker not the full service variety.  If anyone hear's other news please post.

 

Cheers, A.

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