option options

The way I read it is this..
I believe that if you have picked up the options you will benefit to a greater degree than if you had bought the fully paids - as long as you exercise and convert them before the record date
For example my own situation is that I bought BCNOA for .009 and will spend .01 to convert for FP share cost of .019 - then I get another FP for .022 so my average purchase price becomes .0205
Now the big question is how much will the shares drop ex rights - the people buying half the company the other day were happy to pay .033 which means their average price will be .033 + .022 = .0265
I think we would find strong support around here and I would be suprised to see it trade down this far - more likely the .028/.029 area
Even at this level the oppies for .018 are fair value and might explain why they are hovering around this price
The bottom line is that if you buy an option for less than .023 and convert it to a FP before 30 september then you have managed to buy the share at a significant discount to those insiders that bought heaps of shares last thursday between .033 and .035
I think you may find that the options firm in the market as people realise its a cheaper entry into the rights issue
Just my opinion happy to learn if I have made a mistake
Best of luck to all : )