Options insights, page-17

As BBB says, there is no PIA to factor in.

You simply BPay money, and voila ARU shares appear.

Hardly worth factoring in any negative value to.

If anything Options have more value because of the leveraged exposure without allocating the capital. So there is actually a premium because this leveraged exposure has intrinsic value itself.

For a share that's moving up on excellent fundaments and future valuation, the Options should be trading at a premium with the premium gap closing the closer it gets to the exercise date, as the future potential gain windows narrows.