Yes, that's a better simplification Index.
To further assistant in decision making, here is a ready reckoner showing the Profit & Simple Return for any Option & Piggies exercised and then sold at the current SP.
(1) Profit per Exercised Option calculated as per Index's formula above
(2) Simple Return calculated as (P-1.125)/1.125
where 1.125 is average cost of new shares ie (0.75 + 3x1.25)/4
Further highlights that at the current SP, anybody letting their options lapse needs their head read.
Race options thread, page-787
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