capital gains tax on options, page-3

Of course converting is not a CGT event...its just another word for buying. Selling the stock IS a cgt event..presuming you make money. I dont see the point you're making other than the arbitrage possibility.
Of course...it takes time to get your converted stock listed and you cant sell until then and there are good reasons for disparities like this on high volatility days. By the time you own listed stock and presuming the vol has abated you will find the disparity closed...esp on short dated gear like this