The arbitrage is very good at the moment.let’s say you take...

The arbitrage is very good at the moment.
let’s say you take $4000 (to give us a roundish number). And it buys you 100k heads.
SP goes to 6.5c (which is not a crazy bet imo), and you make $2.5k profit.
Forget about converting the oppies and just trade them as an equity, that same amount of $ in ASROB gets you 222k and would be worth around $8800 with the heads at 6.5c.
(assuming the OB would trade at about 2.5c below the heads).
This math does not factor in the risk of heads not rising, and needing to sell the oppies, or them being close to expiry, but let’s hope that does not occur.

I know which I would buy at the moment if I did not have a boat load already.