Running Commentary on the SP Movements., page-1540

If I Personally was to be investing now I would still be considering the value in leverage the option provide as conversion will be taken out of any TO price offered, real conversion not required till 2020.... AVZ, should by speculation, be subject to TO before that date.

10k is my sample:
3 c conversion applies to oppies:
Heads @ 22.5c = 44,444 off, which at 30c = $13333 ... 33% ROI
Oppies @ 19.5c = 51,282 off, which at 27c = $13846 ... 38% ROI

This is the equation I used when converting to oppies... as a layman, it seems rather simple, but people must make their own investment choices and determine their own risk v reward strategy.