I see you only have 19 posts, all on ANP and all just within the last week. This may be why you dont know how to press the reply button?
It might also explain why you didn't realise that ANP would have to use any future revenue to pay for future business costs. It would also explain why you don't understand how unlisted options are valued.
To start, you or I as an investor cant decide the value of a share or option. The Market does that, as does so through free trade. Now we can use research to determine where we feel a fair price is, and from this work out if we think we should buy or sell, but regardless the market decides the price of the share on the day. Now these unlisted options, which are given at no charge, are still unlisted. And because you cant sell them on market, their value is effectively zero (no option calculator nor math theory required to determine that BTW). In the future you can convert them if you wish, or you can let them expire. But still they are of zero value until then. So lots of potential up side, no/or limited downside, depending on how you consider them. So the use of Black-Scholes etc to determine a option value and then use this to determine if the placement is a good deal or not is a total waste of time and energy, once again, because you cant sell the option, it has no value (yet!). And trying to convince people otherwise is mischievous and shows you have no understanding about what you post.
So, to work out the value of the offer you need to keep this in mind. As at a future date your unlisted option is either in the money (good) or out of the money (not as good). But we still need to be able to determine the fair value of the buy, so we know if we have done well or not so well. The way we do this is divide the total cost of the buy, buy the number assets bought. So in this case the total cost of 96c buys two shares and 1 converted option. Total average cost, considering the option is converted, is 32c. So as long as the share price is above 32c at time of conversion we are in the money. If the share price is 48c at the time of conversion your 2 shares and one converted option has made you a 48c profit.
This placement is a good deal. This is what Itsa was saying, and what you have failed to take on board. Now apologize to itsa and lets all move on. These learning experiences will make you a far better investor in the furure.
And you are welcome.
