The country's three mobile phone operators, Celcom, Maxis and Digi have all applied for 5G licence. The government has made it clear that only two licences will be awarded. Winning a 5G licence is seen as being very advantageous, whereas the one company not chosen is not listed while the other two are. Assuming Maxis is the only listed one with stock options available, outline an options strategy appropriate for the situation. (Use your own estimates for premium, maturity and exercise price; graph the position and clearly show the overall payoff)