Yes I agree, who the hell knows why the conversion happened....

Yes I agree, who the hell knows why the conversion happened. Unless they are an idiot we have to assume that there is some sort of benefit to be gained.

For the record, I only suggested tax consequences (maybe) a consideration to convert now (either in part or in totality)

No, companies do not get the CGT discount but individuals and trusts do. Including managed funds (institutions) where individual holders get gains distributed to them and getting taxed on half a gain is better than full tax.

Shouldn't we be happy that, maybe, an institution is taking notice and possibly on board (if there aren't any already)

Tax may not be the driving factor here but, there is still a tax outcome on disposal. Whether tax gets paid or not when, how and who by, where they live, what structure they are using is all speculation but, a tax event is created. Speculate as much as you like about tax minimisation, avoidance, moving money around, offshore bank accounts and alike.

Either way we will never really know, but it's interesting to guess.

Finally, I don't know about anyone else here but I would definitely make a move if it meant I paid 50% less tax.....but that's just me.