Ann: Appendix 2A, page-9

Depends on the reason why the person converted them, did they convert to hold or convert to sell off.

Given they still had 6 months before it was needed to be done it is a guess they will be sold. Otherwise why tie up the capital now if you can wait until the last minute?

There could also be people who didn't want to pay the share premium and bought the options and converted but again you don't need to convert them now but it is attractive to take the discount option price and flip it for what has been a significant discount.