Ann: WGB announces Bonus Issue of Options to all shareholders, page-76

The value you put on the Time to Expiry is subjective and so the one-size-fit-all option valuation doesn't always fit. As I mentioned above, when LICs issue options like this it more often that not surpresses the SP to that strike price until expiry. Best examples to look at here are the last two Wilson option issues (WLE and WAA). Therefore I put little value on the TOE element in this case and so value these at close to zero. If the SP went to $2.60, I'd vlaue them at 6c. That's my opinion as I have zero vlaue on the TOE.
Look at the buy and sell side of the WGBO currently. There's 6.8m on the buy side, 5.95m of which are 1.2c or under. This is where the price is heading in the short term. If these guys can pick up, they'll wait until the SP is at 2.56 or 2.57, convert to and sell the headstock, making their arbitrage of 1 or 2 cents and in doing so create selling pressure and drive the price back to the $2.54 level and then they'll rinse and repeat...for 18 months.