YOWIE options, page-45

agreed - but "time value of money" is not quite so important anymore, simply because interest rates are so low. At a deposit rate of 2% p/a, one does not save so much by not exercising earlier than normal, imho.
But the argument of "scarce capital" may be more appropriate, I guess, given one could buy maybe 20% or 25% more options than shares for the same capital outlay.
there is not that long to go before those options must be exercised.
one should keep in mind the differing benefits of the shares vs options.
options are not shares !
I do hold both by the way.
go Yowie!