Ordinarily that's what you'd expect... but when heads moved back up from the 4c slums it started 6th November... imuoa went to 4c immediately and haven't come back... 10th nov heads hit its high of 15c (since last cr), low options for that day was 4.9... that plus conversion well over the 15c mark....
Someone has either
- done it to maximise heads liquidity to sell (which would seem crazy at a big premium now to do so, but, wasn't much liquidity on imuoa early november...still too big a premium in my eyes
- or they want to start cgt discount 12 month period (still seems crazy with 2.75 years on oppies timeline)
- have plenty of cash and don't like to phark around....
Watched the imuoa's closely compared to heads and hasn't been an arbitrage opportunity at all since the run back up.
Ann: Application for quotation of securities - IMU, page-16
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