Ann: Security Class Reinstatement to Quotation- OPTOB, page-579

That depends on a few things, mainly, how high this’ll actually go if results are good. The higher the expected share price returns, the cheaper they look. At the current price though they’re pricing in volatility at around 150% which I reckon is a bit low considering this could very well be trading $3-$5 by the time OPTOA expire. If you push that volatility measure in the black scholes calculation to something like 300% then you’ll find it should be priced closer to 70c currently.

More important for me though is the fact that for 40c, I get the option to purchase shares at 80c (below the current price) after results have arrived. If results are great, that will likely mean I have the option to purchase shares at 80c at a share price of likely well over $3 (I’m personally looking for the higher end of $5-$10). If results are bad, well you will lose about the same either way. The heads won’t offer much protection at all.