Nav,
As you you know, share can take a big hit in a single day. Not all brokers will let you take out stops and if you are like me, and unable to monitor your shares during the working week, you may suffer a large hit. Also, even with a stop loss, you have dealing costs buy, sell and buy back again. With put option as back up, you are likely not to lose at all.
p.s. whats your call for the share price by autum. Honestly, I can not ever see progressive constant upward momentom for this share.