Ann: Macy Scoping Study Update, page-192

I agree that value is in the heads. I don't agree that options are worth 0.1c. I reckon about 0.6c is fair vs current heads price.

If heads go to 7c thats about 200% upside. Options trading on full spread would be 2.5c which is 400% upside and probably gives fair leverage for increased risk and reduced liquidity in my opinion. Could make a case for higher but I think that is where a good risk reward status sits. 0.9c is too high though vs current heads price. Crossover in value likely to occur somewhere between 3-4c on heads in my view.