don't understand, page-8

JKA is going to need to get to a solid 20c+ to get any real interest in the BOBs. Based on a 16.5c sp, 2c or just over is fair value actually.

Run it through a simple Black Scholes calculator and you'll get a fairly good idea of what to expect.

If we use a risk-free rate of 6% and volatility of 10% (I don't have time to caluclate the ann'ed, STD log returns but 10% will do) we get very close to the current price.