WrongSWTOA have an implied volatility of 125% to value them at...

Wrong

SWTOA have an implied volatility of 125% to value them at 5.4. They are expensive relative to the ords.

Underlying Price : 11 Value : 5.39
Option Price : 0 Delta : 0.76
Volatility : 125.00 Gamma : 0.023
Risk Free Rate : 5.53 Theta : -0.01
Todays Date: 14-Apr-2004 Vega : 0.03
Ex Date : 13-Mar-2005 Rho : 0.03
Ex Price : 10 IV : 0.0
Days To Expiry : 333 Implied Stock : 0.0
Type : Call Implied Put/Call : 0.00
ExpiryType : American
Factor: 1000

If I value the ASCO with the same high volatility as SWTOA then the ASCO options are valued at 7.97 cps as follows:

Underlying Price : 11.5 Value : 7.97
Option Price : 0 Delta : 0.86
Volatility : 125.00 Gamma : 0.010
Risk Free Rate : 5.53 Theta : -0.00
Todays Date: 14-Apr-2004 Vega : 0.04
Ex Date : 30-Jun-2006 Rho : 0.04
Ex Price : 10 IV : 0.0
Days To Expiry : 807 Implied Stock : 0.0
Type : Call Implied Put/Call : 0.00
ExpiryType : American
Factor: 1000

My valuation of 5.2 cps for ASCO implies a much lower volatility (i.e. I am dicsounting them heavily) ASCO looks like a much better bet than SWTOA