BITOA/ BITOB, page-39

It is an option to convert them - especially the BITOAs, as there is an extra 1.5c or so profit (but the SP could tank while waiting to convert) - I submitted payment and paperwork on the weekend to convert BITOAs (needed to send 6c per option), and got the BIT's in my account ready to trade on the Friday. I have been converting in dribs and drabs so that I can sell most if I really want to.

I'm not sure why anybody who plans to hold for ages wouldn't buy the BITOAs and convert them on or before expiry, and get them 1.5c or so cheaper.