Oppies are a form of leverage with little equity. You are...

Oppies are a form of leverage with little equity. You are correct in that if IBX does a raise, it would be extremely dilutive in order to raise enough funds. it would hurt everyone, especially options holders.

however, news must come out to move the share price, as the time value of the option (gamma) will fall as it approaches the expiry date. I have a view that the next 12 months will make or break IBX, and am leaning towards IBX making it. 6c by mid-next year doesnt seem unfeasible, but it is a big risk. Management needs to deliver.

This is my personal opinion ofc. Don't buy options if you are not comfortable as the leverage works the same way in a downturn.