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Posted by DANUBE :
Whoever have bought some CFEO at 31c when he/she can buy CFE at 48.5c can do better when CFE is at 77c (assume there is no premium by then).
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Yes, AND/OR the target could be $2- to $3- in a few years so at 31c it was given away. (+27.7c)

OR if the worst (short term), the 31c becomes 15c and the head 50c becomes 30c. (Options down 50% vs head 40%) To own a particular qty of shares, instead of a particular value it is the reverse. But if head is still 30c in a year, option holders would have almost lost the lot. If the absolute worst... Option holders lost far less. Just my 31c worth. Good Luck....