Tinhopper, Put in another way, assume one sold 100k cci today at 0.9c, resulting $900, then buy 100k ccir at 0.6c, would have $300 left. need to input another $200 to buy 100k new cci and free option(0.5c RI). if the cci sp stay at 0.9c after RI, you would have paid 0.2c for the each new option($200/100000=0.2c), fair value? Of course as you said sp can be up or down depend on news and market conditions.
