There are other possible reasons to convert unlisted options. Perhaps the holder is converting to add more cash to the company's coffers, given they only have about $700k cash. (I'm assuming any holders of the remaining unlisted options have close links to the company so would sometimes act in the best interests of the company). Or maybe they're converting in an attempt to encourage others to convert - lead by example, once again with the intent of getting more cash for the company.
Ann: Appendix 3B-GPP.AX, page-16
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