Ann: Application for quotation of securities - ESR, page-15

For me it doesnt make sense to convert earlier because of opportunity cost. you could be getting interest (or paying interest ) on the money spent, unless....
1. Maybe you really believe in ESR it and want to get money to the explorarion effort early??? doubt it.

2. Want to convert and sell the shares because you dont believe in ESR and think the shares are going to dive. and /or you need some money now????? seems most likely.

3. Or does a take over only apply to shares not options and you have reason to believe an offer will be made soon?

i dont know much about shares or the markets but I am curious why anyone would do it.