Listed Oppies question

[skyQuake]

Hi all, I'm just wondering what are the ways to take advantage of a mispriced (cheap) company option.
The stock is not shortable. The oppies are European and last for around 6 months.

Thanks

 

[RazzaDazzla]

Do listed options price decay with time?

If the options are cheap, buy them, exercise on expiry then sell the stock?

 

[craigj]

can listed options be exercised before the expiry date or do you have to wait to the expiry date if they are in the money?