Ann: RRS Gold Coast Conference Presentation June 2022, page-101

That’s at 100% uptake which would be rare.
Unless the heads price is multiples of the option price many just don’t convert if it’s borderline or sell heads to cover the option reducing head price to options price door step meaning the whole exercise is useless except capital raise for companies.
I won’t convert unless it’s well above due I fell for that last time to only see the price drop considerably below what I paid for options.
Supportive is one thing but years of raises with no financial gains become bewildering.