That doesn't make any sense to me -
You could buy "on market" shares for $1100 to get the same qty you had to pay $1600 for in converting "out of the money" options.
Both of which can be sold later "on news". The market purchase is cheaper.
Further, given there is no guarantee of SP rise, options unconverted, remain a risk free "option" with the no cost option to exercise or not. So why would I pay $1600, instead of $1100 for an uncertain future event, and loose a risk free "option"....
The on market purchase for those with options, is lower risk.
So cheaper, and lower risk to buy on market.
a simple market signal mechanism makes more sense IMHO.
It is cheap advertising - a signal to say "get ready" weeks/months now, not years to wait.....
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- Ann: Cleansing Notice & Appendix 2A Exercise of Options
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