Ann: Magellan Global Fund Partnership Offer Update, page-37

I agree. For MGF (the closed class units) the current price is ~$1.62 and the NAV is ~$1.8189. A 7.5% discount to NAV currently means that if you could exercise the options now you would be paying ~$1.6825 per unit which is higher than the current market price. Magellan need a strategy to close the current market price to NAV discount to make this whole process attractive for option holders. The open class units (MGOC) trade pretty much around their NAV.

The only attractive part of the options at the moment is trading them outright on the ASX as their have been some +/- 10% swings in the price of the options.