IMU Possible Valuations ????, page-126

Why would you part with an IMUOC option at the prices being offered by buyers. The option price should never be less than the conversion price (5.4 cents) below the head price or you could actually make a profit just by buying the option and converting. At the prices being offered here, which are already so close to the conversion price less than the price of heads, any increase in head price has to be closely reflected in the increase in option price so the proportion gain on the option will be roughly double the proportionate gain on heads.