Just sold out of the ordinaries and bought into the options. My thinking is that this company is either going to sink or swim over the coming two years, depending on the state of the IO price, AUD etc. If it sinks, it's going to be more or less a complete writeoff for everyone.
But if it swims, it is certain to be worth many times more than the current SP.
Accordingly, the risk/reward payoff for owning the options is far more attractive than owning the underlying shares at current prices. In the latter case, you can potentially lose 3.1cps, whilst in the former case, the most you can lose is 0.5cps.
One sixth of the downside, with almost the same upside.
I know that the option pricing formulas won't agree with my reasoning, but they are blunt instruments at the best of times.
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