I think what we are seeing here are 2 possibilities. 1, The...

I think what we are seeing here are 2 possibilities.

1,
The recent placement holders are suppressing the price to prevent 53m potential shares diluting their holding?

2,
Holders of both oppies and shares hoping for good news and share price strength to sell their heads or oppies into, are finally capitulating and selling their heads down to raise the funds necessary to convert their oppies knowing in the weeks/months ahead the share price will be a lot higher.

No one likes losing money and with the share price where it is in neutral ground do you let 1m oppies expire you paid 5c for losing $50k when you know in time you'll recover all that plus more?

Sure you can buy 1m shares on market now for the same conversion price but it becomes psychological now because there's no real price advantage.
Nobody likes writing off oppies as a loss if they can avoid it when the differential is effectively zero.

It can also be justified by reminding yourself you're giving the funds to the company you support rather than some investor/trader in there for a pip or two?

We still have a week to go before oppies stop trading so there is a week of opportunity for an announcement that can change the equation to sell the heads or oppies at a higher price.

What we are seeing now is those that can't wait who are extremely nervous.

Personally I pick option 2.

Just an observation.