ccc v ccco, page-3

your maths are far too simplistic and hence incorrect.
You have to take into accout how many of each you own.

For equivalent amounts of money, with CCCO you can own 60% more shares at this stage.

If the share price ends up at 20c by feb 2013 (as an example)
Having 60% more shares, with an entry price of 10.6 is better than an entry price of 9 with less shares

There have been many posts regarding this by myself and gold standard. If you are interested in options at all, look back upon them.