Ann: Appendix 2A, page-17

Agree that it looks like their is a benefit. I think for small holders there is definitely the benefit to convert. When you hold alot, sometimes it is better to sell on the option market if you don't have the funds for the exercise price. 3m options is 75k... I definitely don't have that sort of money... Trying to sell 3m heads (post converting) when everyone else is probably doing the same as they need to fund their conversions, you would end up knocking this into the 4s. In this case, sometimes it is better to leave that benefit on the table and sell in the option market rather than taking that risk...