"In other words "heads would not be better value at the moment",...

"In other words "heads would not be better value at the moment", they would be at a similar value (after converting LOMOB) ... and you would get the potential upside LOMOB leveraging as a bonus.

Zippy1"

Zippy:
Your reasoning is sound but my post related to the question of LOMOBs being better value because of the 4:1 gearing advantage.
therefore the gearing is only a plus if the buyer wants 4x the profit on a geared trade with no intent to exercise.

In the event a LOMOB loss was to occur, then the buyer is stuck with the problem of having to exercise 4 times the no. to heads (4x the capital to avoid a loss). ..........alternatively they just exercise the one opn by paying 30c (no loss) but they then need to sell the other LOMOBS (at a loss).

The real issue is the only reason you would buy LOMOBs is to get the 4x gearing profit and this only happens if the heads and therefore the LOMOBs go up.
Exercising 4x the options was clearly not the intention and requires 4x the capital to save the loss