I think you missed his point completely. Suppose the shares are trading at $7.50 come December then a rational person with a small number of options would likely not convert them as they would instantly book a loss. Someone looking to buy a large holding (and remember there are over 2m options available) could feasibly buy the options on market (price at Dec would like be close to zero) and covert them at a relatively small premium - certainly compared to what that buyer would have to pay on market as any significant buying would quickly push the price way beyond $8.
Ann: Capital Raise, page-36
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Last
$12.49 |
Change
0.490(4.08%) |
Mkt cap ! $264.0M | |||
| Open | High | Low | Value | Volume |
| $12.11 | $12.49 | $11.50 | $155.8K | 13.16K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 175 | $11.81 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $12.49 | 77 | 1 |
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| AVR (ASX) Chart |