I think you really do now have to look towards the action and...

I think you really do now have to look towards the action and value of the OC's as a forward looking indicator or proxy for the value of the Company.

And I say this because for those who perhaps have missed out or were in two minds as to whether to take up their 3.2 cent rights. Either you think that 16.67% of the Company is only worth 3.2 cents ie after the offer the Company's market capitalization will be worth a value of $ will be worth a value of $143, 011,428 with its 4,469,107,131 shares on issue . Or you believe right now by Buying the 2.0 cent OC's that by the end of April in 2023 , the Company will be worth potentially $208,097,821 with its fully diluted 4,839,484,207 shares on issue .....or if you are a 3.0 cent unlisted Options Holders you believe by July 23 2022 , the Company will be worth approximately $213,052,116 assuming the unlisted 3.0 cents options would trade at a similar 2.3 cent current market value or par with the OC's ( which they obviously would not if they had a market ).

And therein lies the beauty of the ' Unlisted ' 3.0 cent options. Because there is no market for them in the official sense of the meaning , for those holders who do actually own a portion of these 107,216,182 remaining options , they can only ever be worth 3.0 cents for them to be converted...... and moreover only .002 of a cent less than the current priced rights offer of 3.2 cents.

So in either of these cases , it's seems an absolute astonishing bargain to be pricing the 2 year future of the Company via the OC 2.0 cents options currently at a 13.16% discount to the TERP pricing of the rights at 3.8 cents and only a $65,986,393 discount or a 31.28% discount to the expected Market Cap in 2 years time should ALL the OC's be converted to shares.

And that folks is already on top of the fact that the Head stock ' TODAY ' is trading at almost a 7% discount to that of which the OC's are saying the Company will be worth in 2 years time.

And time value aside , it seems out of sync to have on the one hand the OC's trading at what seems to be a premium to the otherwise accepted ' Theoretical Ex Rights Share Price ' ( TERP ) of only 13.16% - while on the other hand , the Heads are reflecting a 6.97% ( 7% ) discount to the OC's .....and all the while the OC's are saying the company will be worth 31.28% more in 2 years time.

Hopefully that makes sense to you ALL . But If not , it does to me so that's all that matters. In summary , the Heads should be trading 4.28 ( 4.3 ) cents right now. And I'm not sure that 31.28% premium for Market Value over time allowing for the take up and fully diluted OC's is only worth a 7% premium to the current value of the heads at 4.0 cents.

Market has got t completely wrong or is that confused as to the directions it is definitely NOT pricing these relationships correctly in my opinion.