According to the Appendix 3Y Geoff held 2 million 1.2c opt prior to the conversion of 500K of them. He still has 1.5 million remaining. I don't know what Geoff's financial position is so I'm not about to presume anything in relation to why he hasn't converted the rest.
There are still well over 100 million opts left to convert and I'm sure a lot will be converted in the next few days (including mine) but probably many will just expire for one reason or another.
Ann: Change of Director's Interest Notice , page-4
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