Ann: Successful $15m Placement to drive Block 9 Forward, page-240

Except an arbitrage trade is really hard to do like that, it’s usually carried out within minutes or even seconds. With the week or so it actually takes to convert the options to fpo’s, where does the price of both sit then? TC has been taking advantage of the discrepancy on market. I did similar a few weeks back but it was a one off. I held an amount of options that I had every intention of paying to convert but when the gap closed to a point where I thought the options looked overpriced comparatively (3.3/5.4) I did the old switcheroo and saved myself a bit of dosh. No intention to trade back the other way at all, not really my cup of tea, it was a one off arbitrage trade.