But the options aren't trading at 4c premium with more than a...

But the options aren't trading at 4c premium with more than a year to go now so why would they trade at a 4c premium in 6 months? They won't, it's pretty unheard of. 2 to 3c premium is pretty reasonable now and that premium will decay as time reduces. Regardless, if you believe in OEXs medium term future, the options still present a huge opportunity with much greater potential gains from here compared to the FPO.