"client likely bought the options for well above 1 cent which doesn't put them in position to convert even if the share price was well above 9 cents."
Your logic appears flawed here. It doesn't matter what price an option was purchased at to decide if conversion is viable. The only variable is intrinsic value at time of conversion. It is better to convert at a small loss than allow an in-the-money option to lapse at an even bigger loss.
Ann: Options Underwriting Over Subscribed-GPH.AX, page-53
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