patersons new report - 10.8c valuation, page-30

"So VMGO will always be VMG -5c. Which is the lowest it can get."

Totally incorrect.

Do yourself a favour and read at least a little about maths used for valuing options.

Here is one link:
http://www.hoadley.net/options/optionstools.htm

The option value heavily depends on at least the following:

The heads price
The volatility of the stock
The remaining time till option expiry