Ann: UNITH undertakes upsized $4.5m placement, page-519

Yes Spozzie. (unless the oppies are way out of the money with a limited expiry date).That's the whole key.
Returns, percentage and actual wise, they are MULTIPLES ahead of the heads as a trading stock.
And the exposure is the same, in fact, a positive SP for the heads, inevitably ends up in the oppies (based on your conditions) and they are a third of the price, you get three for the price of one.
SURE, they have an end date, BUT, IF you are responsible and careful, there are just the same risks that are in the shares.
But, BE RESPONSIBLE, don't take you eye off the ball, especially when they get within 6 months of the exercise (END) date. This is NOT advice, it's simple arithmetic!!