if the options are at 4c then you must add 16c conversion costs to the 4c and essentially you are paying 20c for the stock when you could buy at 18c today. The idea of the options being 4c is that a good result from ceibal could cause the stock to rise to 25c and therefore your options are worth 9c ( 25c -16c conversion = 9c ) you have doubled your money from 4c to 9c but you still owe 16c to the company if you hold at the august conversion date.
LCLOB WORTH A PUNT, page-56
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