An alternative approach with oppies, and something that I like to do, is (if you are still bullish at exercise date) to sell enough to raise the conversion $$ to exercise the rest.
Say you bought 200k CTPOA on market tomorrow at 4c for an outlay of $8k. At expiry next year CTP is 50c, and CTPOA is 25c (intrinsic value only). Sell 100k CTPOA and use the $25k to convert the other 100k into CTP.
You are left with 100k CTP for your original outlay of $8k (8c each) and have exposure to future increases if you remain bullish the stock.
A secondary but important aspect of this strategy is that only the CTPOA you sell will be subject to CGT as my understanding is that option exercise is not a CGT "event". This allows you to take advantage of the 50% tax break by keeping half for 12mths.
cosmos
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