re: Ann: Drill results confirm DSO at Bonnie ... "but why else would you convert options at this time?"
In the event of a take-over option holders would get paid the difference between the take-over price and the option exercise price, so financially they are no better off. One possible reason would be to be able to vote the shares (presumably against the offer).
Another reason to exercise options early is if you expect the company to pay a cash dividend ........
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