Looks like the oppies were overvalued. Heads trading at 1.2/1.3 minus 0.7c conversion = 0.5/0.6c plus 2 year time premium = 0.7/0.8c. That would be fair value for the oppies.
Baker Young probably did some of the selling but they could have arguably held on and sold into more strength when the heads approach resistance at 2c.
DDDO values heads at 0.016, page-9
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