Quicksilvasurfa,Excellent post. I know I have argued that the...

Quicksilvasurfa,

Excellent post. I know I have argued that the options may be slightly overvalued recently, but I have been performing similar calculations and have changed my view based on much the same logic.

Even if you take into account a potential CGT discount for holding the heads vs options over a 2 year period the sums you outline still favour the options in a big way.

Happy to eat humble pie on my previous views - and I have converted the majority of my NKP to NKPO due to this excellent leverage opportunity.