Absolutely no point in converting options when you can get heads for 10 cps. You also run the risk of the time you hand your cheque over till you are able to trade those heads. A lot could happen to this stock in those couple of days leaving you feeling pretty stupid. That is why a very sizeable buffer is required with this kind of stock.
Either this stock is being manipulated low by those in the know, or it is a gonner.
