There is generally a leverage premium on oppies which means you pay slightly more than current sp. ie
Opp price + ex price > sp. this premium approaches zero closer to exercise date.
Another way to look at it - if the oppies never look like they’re going to be in the money then it’s a total waste of time.
In the money simply means op$ + ex$ >= heads$
you’ll get mail I think otherwise contact EXR receptionist - I’m sure he/she’s a nice and will help
Ann: Fully Gas Saturated Coals, page-623
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