Ann: Application for quotation of securities - IMU, page-32

"Most investors sell a portion of their shares or options in exercising the majority of their holdings in options"

Is that a fact or an opinion?

Selling a % of options to convert the balance to heads is of course a perfectly valid strategy, but presumably this would only be done in a rising market and would therefore likely incur a CGT charge on the sale.

I'd have thought 'most investors' would simply use cash (sell their first-born or whatever) to convert options to heads with no tax implications (until the heads are ultimately sold of course).