hahahaha...you just used an example to show you don't understand, not me
why would you converted and sold for $900k now if you think it will worth more in 15 months time?
if you do that then you end up with $900k now. and what's $900k now worth in 15 months time?
but if you hold your $600k, in this 15 months you invest that somewhere else and say you x2 the money
you will have 2x $600k, and 1 x $600k can be used to convert options and by that time it probably worth more than $900k
so total you will have 600k+900k+extra gain in 15 months and this is much better than converting now.
Ann: Application for quotation of securities - LRV, page-51
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