Depends how you look at it. It can be a zero cost exercise that then gives the option on the piggies.
As I don’t want anymore exposure to RAC at the moment until I feel some confidence in where the company and hence SP is going I converted and then sold on market for roughly the same price (sorry Hunter).
So I’ve now got the piggies and if the SP drops lower again (which I think it will) I have the option to buy more under the original option exercise price.
Ann: Application for quotation of securities - RAC, page-11
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