The BPH Energy Ltd $6.32/share Party, page-1252

You can trade options you don't need to convert them

The benefit is the options is they offer greater returns for the same outlay.

So for simple maths sake let's say BPH is 20c,options are 15c and strike price is 5c

If BPH moves to 80c that is a 4x return on BPH, but the options would now be worth 75c which is a 5x return on BPHOA. You've achieved a better return on the same outlay.

What the poster meant was by trading in the options he was able to achieve potentially 26k more (ie incremental to holding the same value of BPH) for the same risk (initial investment).

Options do of course carry risk. If the price of BPH dropped below 5c the options would be worthless as it costs more to exercise them than the underlying share is worth, that is being out of the money.