to the ctp gurus, page-3

For the options to come into the money, the heads (CTP ordinary shares) have to be trading at the price greater than the sum of the option price + the strike price of 16c.

e.g. CTPO is trading at 3.2c (+ 16 cent strike price)= 19.2c

To be attractive to a potential buyer looking to exercise the options, the SP would need to be > 20c (factoring in costs in exercising the options)i.e. if I can buy the options and exercise them at a discount to the share price, then the options are the way to go. Some examples:

CTP = 25c per share. Options = 4c (+ 16c strike price)
I am better off buying the options and converting them as an ordinary share will cost me 20c instead of 25c

CTP = $1 per share. Options = 84c (+16 c strike)Although they both equal $1 per share, I am better off buying the heads in the first place, quicker trade and no costs to excercise the options.

However, until the heads are worth more than 16 cents per share, buyers are just speculating that the SP will increase above a price that would make the options better value so at present the market thinks the SP could go up to 20 cents per share before 2014. (I sure hope so!!)

Bottom line is there is no precise % of the SP that the options are worth. As the SP increases, the Options will increase in value and the % will change. Today the options are worth approximately 50% of the SP. If the SP was worth $1 I would anticipate the oppies to be worth about 80c (80%)
If the SP was $2 I would think the oppies would be worth $1.80 (90%), SP=$10 Oppies =$9.80 (98%) etc

Cheers

will2rob