Ann: Macy Scoping Study Update, page-54

I'm seeing this different to you, I don't think it's anything out of the ordinary, perhaps you just want them cheap like I do.

Plenty of reasons heads have dropped, but the strength and fact that the oppies are being held tight shows what those invested here expect to happen over the next few months and beyond. The leverage on them is still decent at current prices, should things go as holders expect there is still much more reward to be gained. This is why the oppies haven't dropped IMO, if you sell them at these levels, you will likely not get them back cheaper, investors are willing to take the extra risk (even if the oppies are effectively free to those who got them initially).

I'd agree that oppies are overpriced relative to heads at the moment, but this is because they are both tightly held and people are willing to pay up for them to get the extra leverage, supply and demand, not anything sophs are intentionally doing. I started selling my heads when I knew the oppies weren't far from listing and got 2 decent fills listing day. I would expect several other people did this also and will look to do the same on the way up.

I bought some heads at 2.2 & 2.1c in recent days, if I see oppies drop to 0.5c on the ask, I will very likely sell heads at a loss (even below 2c) to snap them up at 0.5c, without hesitation.