cxsoa, page-6

It's good to use accurate terminology.

I thought the CXSOA options (at 20c and then 30c) were undervalued relative to the CXS ordinaries, which is why I chose to buy them. (After deciding that I wanted to invest in the company.)

The likely share price distribution in two years is I think right-skewed - there is a chunky tail of possible futures with very high returns - making the leverage of the options attractive.