it's never going to be cheaper... just allows less cash in now (for like for like quantity after piggy back conversion).... this is provided SP>$1 in Feb 28, or, leveraging as you pointed out......
Illustrative example below for 10000 shares today at 54c vs wanting 10000 later and say SP = $3.00 Feb
In what could be the biggest make or break year ahead (well possibly months) where we are desperate for deal or finance deal... you can get same exposure (at a long term dearer cost) for only $1200 in today, vs $5400 for the shares... Yes, those 18c PAROA might be worth nothing.... but, if we dont get finance... it's almost a guarantee the SP has dropped by well more than 18c also... granted... if PAR was still around and SP at 10c... at least it's kicking and breathing... the PAROA wouldn't be....
the above (without leveraging) will never offer more reward... but, less exposure and less opportunity costs of being able to use the excess cash over the next 12 months until PAROA exercising, and 36 months until PBO exercising.
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