Your pretty much on the money except for the last part, if the share price is 8.1 it's unlikely people will convert for 2 main reasons.
First if you had say 100,000 options converting would cost you $8000, then with the share price at 8.1 it would be worth a grand total of $8100 I don't know about you but I don't deploy $8000 in capital to pick up $100, I would say if the share price is under 9 cents the discount is too small very few people will actually convert.
But even that scenario is redundant, because more importantly the options were all originally issued to hartleys clients, this is a perfect setup for them, anyone who is not a hartleys client likely bought the options for well above 1 cent which doesn't put them in position to convert even if the share price was well above 9 cents.
Bottom line is go left go right it doesn't matter hartleys are getting lions share here, it's a good thing don't fight it don't worry about it, sit back and soak up a few around 8cents, enjoy the ride easy money.
APC Price at posting:
8.3¢ Sentiment: None Disclosure: Held
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