amol7,
If you intend being a long term holder of LOM, you can avoid the "much greater negative if SP falls)", by simply exercising your LOMOB options before 29 April 2016 ... and then you would be in the same position of buying the heads similar to the current LOM price.
In other words "heads would not be better value at the moment", they would be at a similar value (after converting LOMOB) ... and you would get the potential upside LOMOB leveraging as a bonus.
Zippy1
LOMOB, page-42
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