Because there is always 10 to 20 percent difference between option price on market and head price. You definitely have bigger profit by exercising options and after dump them in market.
Another reason is for options there is not much depth in buy side and lets say if you have 3 million options, it is so difficult to sell them as ARDOB. It is better to covert them and wait for couple of day and sell the head.
There is still 65 million ARDOB left to be exercised. Hopefully not all of them ended up selling in the market.
Ann: Appendix 2A, page-16
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