IAM 2018 BOOM, page-26

They must be rolling-up a week or so's worth in a single 3B announcement, although I am sure that there is a minimum requirement to disclose these to the market these within a certain number of days after conversion.

In my opinion management have gone about this the wrong way - I understand that lodging an announcement with the ASX costs the company, but the silence since the last 3B on the 8th of December is no doubt causing some option holders to question whether others will be converting. It makes sense to convert given the strike price and current head value, but there will no doubt be some pressure on the head shares once the ~240M IAMOA's are converted as holders look to get some money back after the Christmas period.

As such, I wouldn't be surprised if the heads drop further in the coming weeks unless there is some positive news to report. I am sincerely hoping they have something or we will be in for a world of pain.

IMO management would have done better to post a regular 3B announcement every 3-4 days showing the conversions as they occur, as this would have helped to build positive momentum. This is of course assuming that holders are converting, and if not, why aren't they? To me, this would suggest that they've moved on from the IAM story and decided to put their money elsewhere.