Yes well, there is far greater risk in holding oppies (although expiry is 2009 which alleviates that risk somewhat). For starters the oppies are not very liquid so if you do need to get out it is far more difficult and you often have to give away a couple of points.
Therefore I look for oppies giving me a significantly higher return for the added risk. With EXM, if it reached 6c this would give a return of 36%. EXMO would probably reach somewhere around 4.3c on that basis is 43%. Not enough to warrant the risk for me. EXM at 9c is 104%. EXMO would potentially reach 7c = 125%. Again not enough for my liking. I don't expect EXM to reach more than 9c for quite a while yet (will have to be much close to production - or at least BFS) so on that basis I conclude that options are over-priced.
This is my opinion, maybe some do see the extra 7% or 21% gain as worth the risk.
buying pressure starting to mount, page-8
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