He’s using the exercise price of 18c to say they are overvalued which they are at 1.5c or whatever.
But you can buy approx 5-6 x the amount of shares compared to heads so the leverage is huge.
No rule to say they have to be converted either. They could be used solely as a leverage or trading play.
And if they are many multiples of 18c in a years time then you come out way in front. That’s where the 300 days comes in which you are correct.
EUROAs are shot to pieces at present unless a minor miracle occurs in the ST, so B’s are really the only play as far as leverage goes anyway.
Risk v reward at end of day.
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