if all those ~4.5 million IHL shares sold today were sold to...

if all those ~4.5 million IHL shares sold today were sold to raise funds to convert (likely, as I have no idea why else you would sell at this price just before news and the likely SP rise after options are converted), then there isn’t much more churn to go through before all small holders are in a position to convert (noting many won’t need to sell the heads to convert).

Could be seeing the end of the IHL selling prior to conversion, which makes sense when it’s T+2 and there are only 7 whole days before money needs to be with Automic. Realistically, last day you could sell IHL shares, receive the funds and BPAY Automic is likely Tuesday next week.