IMO after the SP price is well clear solidly above the 34c exercise price then the fundamental value of the option is the ARU SP less 34c less a "pain-in-arse" (PIA) price for having to convert option to ordinary share.
What's the PIA? Well that's subjective but I'd say 5c? I think fixed PIA is more appropriate than %ge.
So if SP went to 80c I'd value oppie at 80c - 34c - 5c = 41c.
BBB I also sold down some ARU to increase exposure, with aim of converting them into a much larger holding than I would have had otherwise.
Options insights, page-11
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