Fair call, I guess what is more likely is that they were aware...

Fair call, I guess what is more likely is that they were aware of the IBM deal and thus were wanting the free options as to secure a large amount of shares that they would otherwise be unlikely to buy on-market post IBM announcement due to the known supply/liquidity issues this stock faces. But I agree that the calculation should probably include the strike price. It's a shame HotCopper doesn't allow editing of posts hey? Haha