trfo - why at 12c?

I have stated many times i am a long term believer in TRF. I have never sold any TRF stock and held since IPO, accumulating over the years.

However the options, TRFO had an bid price of 12c.

For my logic, since it just gives you the rights to buy the heads at 70c, this represents the equivalent value of TRF underlying having to be the equivalent of 82c.

Whilst I am confident in the company and have a long term believe that it will trade over a $1, I dont see why anyone would buy the option now at 12c.

As such I have obliged in creating the first TRFO sale. (4000 at 12c) - yes thats less than $500.

I think the TRFO option market has yet to settle and with it there may be oppertunities.

I consider selling at 12c a good oppertunity.

Of course should the Options drop to 3c Id consider buying them, as such some may even consider this a downramp, in the hope to force the TRFO price down so i cna buy it back.

Really all i am trying to do is gain an understanding.

Am i missing the point? What do others think?