There's no reason at the moment to exercise the options. As someone noted earlier, the strike price is 12c, just below where the shares are trading at the moment. Meaning you still have to stump up the 12c for each option to convert. Given the ~4-5c price of the options at the moment peeps aren't necessarily buying for the conversion, it's just a cheap way to get upside exposure for way less capital outlay (and hence risk). Even if you got them for free at the capital raising...like why bother converting now?
1 Month to go, page-9
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