Is the options tradable on market ?, page-12

Interesting thought.

At the current price at reading (0.12 FNPO, 0.345 FNP) you could convert around 3 options into one share.
Assuming you hold options to expiry you'd have to get to a share price of around $1.30 at expiry date before the options were worth more.
At that price:
- You made 1.30 - 0.345 = 0.955 on the shares
- You made 1.30 - 0.98 = 0.32 * 3 = 0.96 on the options

At any price under the exercise price easily ahead unless the share price goes backwards from here.

What you're missing is tax, as selling the options is an income but still doesn't invalidate the idea.
You also lose the hockey stick effect in the option price is the share price goes way above the exercise price.