It made sense until the 3rd paragraph.
In the example, the options holder wouldn't be incentivised to convert until the SP was at 6.2 cents or above.
The complicating factor is the length of time until the options expire (for LRSOC it's 31/12/2022).
Once we get to 31/12/2022, anyone holding LRSOC will forfeit them (as they expire). So as we approach this date, options holders will be hoping the SP is rising, (so they can convert and reduce their options to zero).
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