In answer to the above questions- Soreback - If you exercise...

In answer to the above questions-

Soreback - If you exercise your options you pay $1, so if the share price is above $1 at the time you exercise & it is still cum div (ex div 3rd October) then you are in front. Otherwise buy on market under $1 cum div & forget the options at this stage as they have until 31st December before expiry.

In order for the options to get above $0.02 the share price would need to be at least around $1.02 because all they will be priced on would be mainly intrinsic value (the amount the share is trading above the exercise price).
I believe the share price will recover because one reason for the recent fall is that one of their shorts, ACR, jumped dramatically in price & this would have affected the last reported results. Since then the ACR share price has fallen from its recent high of $2.10 to currently $1.30 & this should help WMK in the September results report.
Consequently I see the current WMK price as a bargain.

WMK is a more defensive stock than ALF. I see ALF as being a stock that is being valued more on its dividend than its NTA which is understandable in the current low interest environment.

If you own ALF & WMK then you should strongly consider WAM which should almost certainly pay a total of 14 cents in dividends this financial year after paying 13 cents last year.

Eerrtt - I have also topped up on ALF as I believe that this is a one off opportunity to buy at a reasonable price. At this point in time I would own more ALF than WMK because of the superior yield & future prospects. WMK is owned because it is safe from a market collapse & you will do better than bank interest.