Hi ASXInvestor,
It is all about % gain
If you bought $1,000 worth of VIL and they went from say 5c to 15c you have 300% gain i.e. your $1,000 has turned into $3,000.
If you put that money into VILO at say 1c your gain would be 500% i.e. you would be able to sell the VILO for 5c. and your $1,000 would be worth $5,000. Forget about the transfer into VIL, that is a separate issue and need not happen.
The thing to remember about options is that the option is worthless at conversion date if the share is trading at less than excercise price i.e. why would you want to convert an option for 10c a share if it is trading at 9c. Options the closer they come to conversion come closer to the market price of the conversion.
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