A well spotted article GK. Without your previous post on arbitrage this cml thread would mean very little. Now we see sollys real game, and I understand why the shares were bought just to prop up voting rights at the agm. He must want/need the power badly to lock in .03 loss. I assume the seller of the puts and calls was also the seller of the underlying stock. What a good deal for the seller - .o3c profit for no risk. Solly should have called me, I would have done it for .02c haha. He's rented some stock, effectively. We might see more of this in other agm's. I wonder how it leaked out, was there a stooge or was the deal reported out of legal obligations?
I thought about your anz post for a while. From what I understand, you are identifying opportunities to purchase etos where you are paying ZERO for time value. Is this right? If you were paying for time value, then the whole theory would fall down. Have I understood you correctly? Im suprised, becuase its never occured to me to look for deals where time is gratis. No wonder you didnt need to delta hedge the trade and manage it to expiry.
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