fms vs fmsoa, page-2

I'm with you, it doesn't make any sense at all. While it's going to take longer than 3 days, other than CGT implications, what's stopping FDL holders from selling and then buying and converting the oppies. I can't understand how there can be a discount.

The only suggestion I have is that the current FDL SP is built from short term traders who are looking to get in and out quicker than the option conversion allows. If people who are buying in are looking to become holders rather than just traders, why wouldn't they take the cheaper approach of buying the options and converting. As a long term holder, I'm hoping that this is not the case, but it's the only thing that makes sense.