If you sold them for 0.185 then you are breaking even. Option...

If you sold them for 0.185 then you are breaking even. Option price + strike price. For every 0.01 increment above 0.185 you make 100% gain on that initial outlay on the options (keeping in mind you need to have the cash on hand to actually convert them at 0.175). So they are very leveraged punt and will be appealing to a lot of holders. They are also a good capital raising punt by management. I'm in pretty deep already re ARD. I converted 1mil in the money listed options a couple of years ago and sitting on a massive loss so will avoid this options issue.