If that were the case, one would think that the only reason they...

If that were the case, one would think that the only reason they would want to convert early is because they had sold their original holding which had provided them with the loyalty options in the first place.
I doubt that it was just one shareholder converting but who knows.

If for instance someone had received 100,000 loyalty options then they would have been holding say 300,000 fully paid shares. One would think that if they were still holding the 300k fully paid shares (their initial holding prior to the issue of options) why they would be in a rush to pay up so early to convert when they have another 23 months to make the decision.
Anyway, each to his / her own reasons and choice. I for one will be in no rush to convert until the share price sees at least .40 cents in the medium term.

Yes of course if the share price was to rise dramatically we will see more conversion of options but if one is still holding their original holding then I don't see any rush needed except of course if the shareholding is small.
Cheers!