IPO - UUV Aquabotix Ltd, page-203

Its interesting that sometimes on spec stocks when there are lots of oppies on issue, and when strike is cheap,the oppies can suck buy volume that would otherwise have flowed into the heads. Ironically, the oppies depend on the price of heads, so by diverting investors funds away from the heads they hamstring price appreciation. Not a problem in hihg volume stocks, but in slower markets it can be a feature. In my experience, this was most strikingly evidenced by CXZ/O back in the day.
Can't argue with the leverage of cheap options however, so well worth considering here and letting others do the heavy lifting by buying heads. I haven't traded either my IPO heads or oppies yet, but if I was buying in, I too would consider at least some of the trade to be in the form of UUVO.