I believe lowest the APCOBs got to was 0.4c but your maths still...

I believe lowest the APCOBs got to was 0.4c but your maths still holds up with the adjustment to original outlay.

The above, courtesy of the SP run, is definitely the clearest cut way to profit but this is obviously with the benefit of hindsight. Whilst the opportunity to exploit the pricing differential has been closed for now with op price increasing to 7c there was also a profit window using last weeks numbers of 6.5c option buy whilst shares were selling at 19.5c...
- buy 100000 options at 6.5c ($6500)
- exercise by outlaying $12000
- sell shares after conversion at market of 19c (the lowest they got, with plenty being 19.5c sale
- clear $500- $1000 profit

in my opinion, not enough profit to justify the risk of a share price drop while the paperwork is getting processed but it was there nonetheless.