The obvious risk is the heads don't exceed 11.8c before the...

The obvious risk is the heads don't exceed 11.8c before the expiry in 3 years. I personally believe that is unlikely, and in that unlikely event, then there would be something fundamentally amiss with the investment here, so you'd not be much better off with the shares either.

Consolidations etc are a non-issue, the listed instruments get consolidated alongside.

A limitation is you don't have the voting rights you'd have with fully paid shares, and should a deal of some sort occur it might benefit to have funds on hand to exercise on short notice, or perhaps holders would have to sell a portion of their OE holding to fund the exercise of the balance.

In short, imo, these are an excellent vehicle to add exposure to the explosive upside potential of IMU, at half the initial outlay required for shares.

Some here look to the black scholes formula for an idea on valuation, however as noted they rarely trade right on the money in practice, and you can gauge by the way they've traded this month, anywhere around 50% of the prevailing heads price is a good guide for decent buying LT, however that gap will close as the share price appreciates.

GLTAH and patients