hooter, look at the assumptions that were used to value the...

hooter,

look at the assumptions that were used to value the options at 61 cents... it says, underlying stock = $2.1 and volatility = 57%pa. If we now assume the underlying stock is $1.90 then the option value will fall to about 50 cents. 57%pa volatility is also an anomaly as it accounts for the last 1 year of price moves where M&G dumped stock from $4+ to $1.50, so the volatility aspect of the option valuation is accounted by the action of 1 shareholder.

so it's a secured $100m credit facility at 7%pa, I don't see why you have your knickers in a knot over it?