Ann: Options Underwriting Over Subscribed-GPH.AX, page-50

This is the way I understand the situation but I'm hoping someone can clarify if im right/wrong.

Hartley's as the underwriter is there to buy up any stock that isn't converted on Sep 30. Hartley's are paid 6% fees for the total amount they buy up. 8c represents a bargain price for this company and Hartley's knows this, as such they are happy to let the price go as close as possible to 8c towards expiration date to ensure that they a) get the most fees as less people will convert and b) get loads of stock in an undervalued company.

Given the current situation with the SP nearing 8c, it looks like Hartley's will have a large piece of the pie come September 30. Because of this, holders are expecting them to really start promoting the stock and pumping up the SP immediately so they can sell their shares ASAP obviously at a large profit if all went to plan.

Is that thesis somewhat on the money, or can someone explain where i'm going wrong? Cheers.

Also, one other question:
It seems from reading this thread that the floor is basically 8c here. But if the stock is trading at 8.1c on Sep 30, wouldn't all option holders convert their stock (given they can buy at a 0.1c discount), thus meaning that Hartley's as the underwriters would end up with none? My line of thinking would be that the SP would need to be less than 8c on Sep 30 for Hartley's to get their hands on any, but this must not be the case based on this thread. Why is this??

Cheers guys, would really appreciate if anyone can help.