My gut feeling is the differential between heads and oppies should be around 1.7c (for those choosing not to convert) in the pips. When we go to 0.5 increments that will blow out to 2c - 2.5c IMO because it becomes better to buy heads on market than oppies (given the time to convert and the fact we will be moving in 0.5 increments then). All IMO. For the record I sold some of my oppies to get back the capital invested when the differential was 1.7c, and converted the rest to heads adding to that stake as well.
10c and options, page-3
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