Ann: Appendix 3Y, page-5

Agree. He's still got 2.2mill to go so we can assume he'll still be selling heads to cover those conversions towards expiry.
There's 103mill oppies (~$7mill AUD) still to convert and you can bet a portion of those will be using the same strategy as RC to convert.
At least a few $mill could be reasonably be expected to come from the sale of EXR shares. So more downward pressure to come as expected.

It doesn't change anything for me though. All the better to accumulate I say. Next year will be epic.

Enjoy your weekend lads.