Well, I will be buying my full compliment of options. As you say, with such a long expiry date, and with the company already having a NTA well above the strike price...well, it is an easy decision.
And at only half a cent, when BTV's price increases to its (current) NTA, the return on the options would be over 500%.
But having said that, the options are in the 'higher risk, higher percentage' return category.
My investing style is to find companies who are so oversold that your 'margin of safety', to quote Buffett, is large. The percentage returns aren't AS large as buying options, but the downside is protected by overwhelmingly underpriced assets.
So, it is hard to go past the BTV shares themselves. Trading at 70% of their cash, and 40% of their NTA. Large director purchases at up to 20% of the current price, and with another buyback suggested which will further increase both the value per share, and support the price.
At the moment, no one is buying BTV, because there is no 'news'. Being an outrageously cheap share in itself does not provide a catalyst for people to buy. It seems true fundamental investors are few and far between...
