Ann: BPAY or EFT Process for IMUOC & IMUOD Option Holders, page-31

Hey Garcul
No problems.

If you did the calculations: 400k x 45c =180k to convert.

400k x 55c (difference between $1 and 45c) = 220k (potential payout figure)
400k x $1 if u convert =$400k - $180k to convert = $220k profit.

So it's all the same when it comes to a take over. I don't believe and haven't heard of a company making it compulsory for you to convert.
please if anyone else can correct me I'll be happy to listen as it will also help my thoughts.

Just remember you don't have voting power for the options held, heads only = voting power.

But if we are to be successful and go long and get dividends, I dare say you'll be able to find the extra 180k

Cheers