Yep spot on. She's converted at close to one year lows. It could...

Yep spot on. She's converted at close to one year lows. It could be to start her CGT clock, but if she expected news that would bring us a significantly higher share price in the short-medium term, she could have wound up with significantly more shares that would help to offset additional CGT that she may be liable for by mis-timing a liquidity event. And if there were such an event coming, would she know the exact timing of it anyway?

The other reasons she may have converted now are liquidity (she can't sell her options but she can sell her shares), or if she was expecting the share price to be lower in the months ahead until the February 2024 expiry (and hence converting later would give her fewer shares).

But in theory, if she's aware of price sensitive news (either way), she shouldn't be able to use the cashless conversion at this time anyway, as it would constitute insider trading, so it could also be due to a convenient timing window where she doesn't have such information.

There's no way to conclude that it's a positive development, it could just as easily be negative, or it could mean not much at all. Without knowing Marinella's personal position, the information she's privy to, the conditions placed upon when she can perform the cashless conversion, and her "sophistication level" as an investor, it's all just wild speculation. But hey there's nothing else to discuss at the moment.

About all we can say definitively is that her timing would not appear to be as good as Dr T's was.