To be fair, the strike price was set with La Jolla Cove last year... Sep - Oct 2009... when VLA was trading in the range of 3c. The share price has gained close to 120% with the current run...Go back and read the company announcements.
May be management could have build in the time value, and set the conversion strike price a bit higher, say about 5c if they can see the future prospect of any positive announcement.
You guys can check out VHL to see how management are setting option at 10c for underwritters of the recent 5c right issue... I doubt it if you'll ever see the 4c level again, let alone wishing for 3c:)... good luck
VLA Price at posting:
71.0¢ Sentiment: None Disclosure: Not Held
