"At an SP around $8.50 I wouldn't. I'll probably sell AVROs on...

"At an SP around $8.50 I wouldn't. I'll probably sell AVROs on market, at the last minute, so as to perhaps recover a few bucks beer money. "

I find this trend of thinking a little hard to follow . My own decision to stump up the cash or not for the options is based on whether I think AVR has a future and whether DUAVR has a big future. The share price be it slightly under 8 is a bit irrelevant.
With any stock we can never pick the bottom. If it drops a little below 8, I would still convert, all it means is I did not pick the bottom.
At 8.50 it is a non brainer . You are 50cts ahead a share! Furthermore converting would negate your fear of a cap raise . So not converting at 8.50 for fear of a cap raise lower is quite irrational and would almost certainly result in another cap raise which you so hope to avoid.
You can be quite certain if the share price is around 8 at the minute, no one would have the slightest interest in your options so again, you are being irrational.
At 8.50 , at the last minute, there is 50cts arbitrage, so it is worth something.
The lack of logical thinking amongst the holders is part of the reason AVR is not performing like an emerging powerhouse in the AVR space with the share price.