Hi Herro. Just to clarify your statement:
"(But if you bought the fully paids now, you'd be nearly 200% in front if the PRRO's get to 22cents. Swings and roundabouts I guess.)"
I would assume that if the PRRO's are at 22 cents, then the PRR's would be at 44 cents. (44-22 (20 cents for conversion and 2 cents for initial outlay before they are in the money)).
If you bought the fully paids now at say, 8 cents, then the PRR's profit return at 44 cents would be 450%, and if you sold the PRRO's at 22 cents then the profit on the PRRO's would be 1000%.
IMHO the "profit %" is quite large on the PRRO's compared to the PRR's. Obviously, you are dealing with more money with the PRR's than the PRRO's. The point I indicated was that I believe there may be a run on any options if they start trading at 2 cents, as you would be buying them at only 2 cents and end up with a large parcel, on the punt that the PRR SP will be, in this case, 44 cents in say 3 years time.
In reality, I cant see the PRRO's initially starting at 2 cents, as people will want some profit by selling their PRRO's, so I expect a starting price of 3 cents. Even so, the "% profit" on the PRRO's will still be quite large compared to the PRR's, using the example given.
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