If the options trade below their intrinsic value there is an arbitrage opportunity to buy and convert them so don't worry too much about the theta eater in the run up to expiry. They are priced at the moment with only 0.1c of extrinsic value which is for volatility and time to go. The only issue is if the delta is below 1 (ie when the sp drops below the strike price).
The oppies will follow the sp on the rerating right up to expiry...and I for one will be buying more and converting them if the intrinsic value is mispriced.
If you are not sure what I am talking about do some googling on Black Scholes options theory.. delta, gamma and theta.
I am looking for a swag of news to commence in the next two weeks....and maybe a positive surprise.... Kev and vested interests have a huge incentive to get this right for a rerataing before 30 Sept.
I am encouraged by the positive Pilbara news flowing with other Juniors...and more FMG big news to come that will wear off on Flinders for the nearology.
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