OK, so I am a bit of a noob but help me understand the logic...

OK, so I am a bit of a noob but help me understand the logic behind the current market pricing of the 3 oppies -

GDAOA exercise price 5c Jun08 trading @ about 1.5c
GDAOB exercise price 1c Jun09 trading at about 2.1c
GDAOC exercise price 1.2c Jun10 trading at about 2.0c

To me that says that GDAOA is all risk & buggerall hope of a +ve return whereas GDAOB & GDAOC have got a long long time to run, plenty of upside re exercise price and in fact currently present the cheapest entry into the heads which are trading around 3.5c.

Am I missing something or is GDAOC a great way of getting into GDA?