Ann: BARD1 LODGES SPP AND OPTIONS PROSPECTUS, page-90

Thanks for reply. Yes I haven't posted much (thanks for your warm encouragement) but have been around lurking for a few years and have been in BD1 well before the Sienna merge.

Your valuation is one way of looking at it but it gives no consideration to leverage offered by the options. This approach is probably more appropriate once the share price is near of exceeds the strike price of the option. I will given an example as follows;

If you thought BD1 has a great future and you loaded up on options at 30c. Say the share price of BD1 reaches 300% of todays value your options would be valued at 2.03 (4.35 - 2.32) you have a return of 676%

If you thought IMU has a great future and you loaded up on options at 15c. Say the share price of IMU reaches 300% of todays value your options would be valued at 52.5c (97.5 - 45) you have a return of 350%

As you can see for the same share price increase very different returns on the options. I am deeply invested in both but currently see BD1 as offering better value on the options.