If you only hold options then you may not be eligible to take part in a share purchase plan if one is announced. That's why I hold a few heads as well.
Takeover's don't happen overnight. There should always be time to convert. Remember that you can still convert even if the shares are subject to a trading halt or suspension.
The only downside I'm aware of relates to capital gains tax. If you've held shares for over 12 months as an individual or trust then you'll probably be eligible for a 50% CGT reduction on sale. If you've held options and then convert them less than 12 months prior to the takeover then I believe you miss out on the discount.
Ann: Final Ethics Approval for Open-Label MND Extension Study, page-66
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