I think the dilution is neither here nor there. Any investor worth their salt would have been aware there was a shed load of options floating around with a low strike price and that it was a given those options would sooner or later become shares.
However my explanation for the conversion at this time is far more vanilla than a looming TO. I think that management are very restricted in regards to when they can legally acquire shares due to their access to sensitive information. We are coming close to the end of the field season so perhaps there was an opportunity to convert with no question marks over their integrity. It is a good look nonetheless. Whether that is reflected in the share price remains to be seen.
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