BAT valuations, page-66

Each to their own I guess, I calculate share price needs to be around 13c before returns on the options start exceeding the heads, at current shares on issue that’s around 140m market cap so may well be in production but in a low price environment it may not be worth much more than that

That ignores the dilution the options will create and the biggest risk of all to the options IMO, the dilution required to get it into production....still unknown and more likely than not going to be a high amount of dilution again

I’ve bought back some of my holding at 3c and would be happy for it to get back to 6-7c over the next 12 months. Downside on heads at 3c seems small