ABC news article, Kibaran featured, MD interviewed, page-33

I don't see why anyone would convert if the price is under $0.20. Why pay $0.20 for shares you can buy on market for a lower price. Currently the options have negative intrinsic value as they're below their strike price. They have an extrinsic/time value represented in the bids offered by those expecting like yourself that the price will rise above $0.21 before expiry.

My expectation is that those who can afford to convert will do so if there is intrinsic value. If the intrinsic value is low, some might not bother to convert and like you said, some can't afford to convert all their options.