One would think that it is hardly anyone's worthwhile converting the options unless GRL was to hit in the high .20 's and even then it wouldn't really be worth doing unless you held a large parcel, and besides, one shouldn't forget that with the relatively low number of shares on issue only 29 million options could be converted.
GRL is tightly held even if a Top 20 shareholder is selling some of their holdings as we saw today.
Worrying about people selling out on a free ride as a result of the loyalty options is perhaps going to deprive you from increasing your holding. Do you really think that holders will sell out and convert options on 2 or 3 cent share price increase, hardly likely except if they need to cash in for something better.
Cheers!
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