The conversion process will continue until one of the following...

The conversion process will continue until one of the following occurs -a) the options expire in Jan 2014 without being converted or b) a major announcement occurs which creates a massive conversion process by shareholders to either sell or appreciate the increase in value. The smaller holders may also be increasing their parcels as they do not have to use a broker - just send in a cheque for the amount to convert.

For the time being then, I would suggest that most existing shareholders have an easy avenue without broker fees and the ASX to increase their holdings if they wish - and the company is directly getting the benefit of the cash rather than an instutional or large holder cashing out. It is a clear sign that the shareholders are supporting the company.