One thing to take into consideration now that we have options...

One thing to take into consideration now that we have options trading, is the price of those options. It amounts to the consensus risk vs gain guestimate of where the price of the head shares will be on 28/02/2025 (less the exercise price of 4.6c). Right now it is saying that the consensus 28 Feb SP is approx 4.6 + 0.009 = 4.7c. There is also the added complication of the piggyback mechanism, which will contribute a component to the calculation with increasing weighting as the SP closes in on (or exceeds) 4.6c, and we get nearer to the first exercise date.

The options price thus can serve as a bullishness barometer on the head shares. But of course this projection is the tail of the dog, so should not be read too literally. Nevertheless, as long as it trending up, it is indicating very bullish market sentiment for BLG.

All IMO.