The oppies would be more attractive if they had a strike price of say 5c and were trading at say 2c. So a small movement up in the heads would result in a large percentage move up in the oppies.
Given the current low strike price of IAMOA, you don't get enough leverage from them to overcome the liquidity risk IMHO.
If I held oppies I would probably also convert to the more liquid heads which will also give the company some extra cash.
Ann: Appendix 3B, page-15
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