He’s using the exercise price of 18c to say they are overvalued...

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.