Ann: Weekly Net Tangible Asset Backing, page-4

I had a small position here. You only needed a few hundred dollars worth of options to make this bet worthwhile (60,000 options gave the same upside as holding 60,000 shares of PAI until 17th May).
That meant $60 + brokerage. ~$80 total.

For every half a cent increase above $1 in NTA, the options were theoretically worth 0.25c more (as the dilution reduces the NTA to the average of the two [($1 + $1.005)/2 = $1.0025]). That translates to $150 on our 60,000 options.
Of course, if you used the NTA of $1.07 and averaged the two (and share price = NTA), you'd see a $2100 gain on an outlay of $80.

It didn't pan out that way, but I didn't lose much from it.