peaking- too high, page-12

Nickoo,

You can't do that -price in all the missed dividends for years to come in today's option price!

And besides, what about the gearing factor? Sure, you miss out on a 6% dividend, but you are able to buy yourself nearly double the number of options as you can shares. You'd be paying around 7% on a margin loan to do that for fully paid shares, so that's worth something.

I agree the options are no where near as liquid as the head share, but they do trade nearly every day. In fact they are pretty liquid as far as options go.

I have checked out a lot of company options in my time and I have never come across such a deep discount as the CIYs are offering - 10% or even 20% occasionally, but never 30%!

In fact, I'd be very interested if anyone could point me in the direction of a better option bargain than CIYO.

Cheers, Anne