Karl,
It was a little ambiguous ... but I was comparing CTP to CTPOA.
Both available today at 16cents and 3.5cents
So,
so CTPOA @ 3.5 cents
excise price 25 cents (as you stated)
Then throw in 100% gain (another 3.5 cents)
and you come to --- 25 + 3.5 + 3.5 = 32cents
which is also a 100% gain for CTP @ 16cents
ie - break even.
So,
to buy CTPOA you are assuming that CTP will trade above 32 cents.
