Ann: Appendix 3B, page-3

Hi 96blitz, one possibility on why converting so early is they are getting in before the big rush before expiry date. Easier to Off load shares in any spike, say on funding announcement, rather than trying to sell the options, which usually don't have a lot of volume on the buy side and can be a bigger spread when trying to offload them onto someone else.

But anyway, I hope everyone has checked the capital gains tax implications on their options as differing strategies may have quite significant implications from a CGT point of view.

All the best to the traders.