I guess I am assuming positive outcomes, so say I convert from...

I guess I am assuming positive outcomes, so say I convert from options to shares in 1.5 years to sell the next day, I will reset the CGT clock then. I will have to pay full CGT, no 50% discount. If I convert now and then sell in 1.5 years the shares I get the 50% discount, because I have held the shares for 1.5 years.. So better to convert early with that plan in mind...

The 12-month holding period for the CGT discount resets when you exercise the option....

On course the options may transition from unlisted to listed, given AQD pushes, a good chance, then I could just sell the options in 1.5 years time.