Most sell the options (at some stage) and then just buy the FPO. Same effect but you have full control of the timing of doing so as opposed to the company taking 2 weeks to complete the process from exercise to issue of shares. The only advantage of exercising is that it doesn't cost you broker fees but trades are dirt cheap via online brokers these days anyway.
I suspect there will be a few RMXO owners converting to RXMOA rather than RMX when the time is nearer. That's why I think RMXOA will trade a quite a premium around June, there will be high demand.
newbies thread & questions feb 12, page-12
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