The only reason i can see to convert unlisted options which expire in 2020 is to make them available to sell. If not planning to sell, why spend the $45k to convert? If planning to hold, use the $45k for something else, dont tie it up. Alternatively the conversion of shares might be in anticipation of a future rights issue, which options can never participate in.
Ann: Appendix 3B-GPP.AX, page-4
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