Correct dave. The liquidity will also decrease over time with less on the market if you were planning to sell. I am looking to be a long term holder so the liquidity nor the CGT timing are concerns for me. Otherwise there is no real downside compared to heads particularly if you can get them for a higher margin than 0.012. Slicker operators than me would have doubt been exploiting the disparity successfully and buying oppies, converting and / or selling heads and so on. There may be timing risks though.
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