That explanation is a long way from having "rocks in your head" as there has been upward of 20% premium offered recently on a stock that has a massive market premium over its (then) cash profile. You're ignoring the average future volatility of the fully paid which is not surprising since your the Black-Scholes model you're in love with doesnt account for it
Australian listed options not only dont follow Black- Scholes valuations but real world investors in aussie specs never think like that.
The monies raised now anyway so this conversation is moot
That explanation is a long way from having "rocks in your head"...
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