pir or piroa - have i missed something?

PIR ordinay shares last traded today at 41c. The PIROA options (with a further 20c payable to convert before Dec 12) traded at 22c.

Why outlay twice the capital (41c) for PIR when you can buy PIROA options for 22c (with the option to convert them for 20c any time before Dec 12). The interest saved in the smaller capital outlay for PIROA would more than cover the 1c extra total price. But the main advantage is that you're only risking half the capital!

This has been a consistent occurrence with PIR/PIROA which seems surprising? Or have I missed something?

K

p.s. needless to say i'm holding PIROA.

p.p.s. great day on the market today for either PIR or PIROA holders!