if you buy now with the intention to take up the options offer, you will only start loosing money "IF" the shares fall to mid 40's...too easy!
62c price
free options will be worth at least 35c divide by 2 (1 for 2 entitlement) therfore money from options right now is around 17.5c
so if you take away the money received from options we have 44.5c