fair price for options?

So I have been looking at the MNE exchange options traded MNEO. From my understanding, they expire in July 2014 and have a strike price of 20c.

Whilst I believe the price of MNE has a good chance of being well over this by then and am interested in the gearing they offer, hence my investigation, I can't understand why; with such a reasonably low time to expire and strike price around 20% above the SP; they are trading in the 5-6.5 range.

Been quite a few years since I used Black-Scholes, however from my smoke pack calculations, their value is c. 1.7c. Given the spec nature, 2-2.5 seems reasonably, however I can't understand the current or historical premium.

Any views on this would be greatly appreciated. Thanks in advance