Espically when the strike price and SP was a 50% increase for...

Espically when the strike price and SP was a 50% increase for the people who converted.

Yes someone might of spent 2c+ on buying the option so they are 'down' however when the option was 2c the SP was about 5c so they are still 'up' in comparison and as mentioned previously it would reduce their losses as;

1M options bought at 2c = 20k

If they don't convert that is a 20k loss.

However if they convert and sell for 3c then it is;

20k for the options (1M) + 20k to convert = 40k total investment for 1M shares

Which they could then sell for 30k (3c) making a 10k loss instead of 20k (so halved their losses) in comparison to just letting the options lapsed.

So it wasn't a real strong show of confidence but rather just intelligent as there is a 50% buffer on the strike to SP, however it was still interesting that there was 14M options that weren't converted which is strange for me and would be interested to know who held some of these options and why they decided not to convert.