Thanks Wombat2, good to know. I agree - I'm 100% in options and...

Thanks Wombat2, good to know.
I agree - I'm 100% in options and I'd prefer to have at least part of my holding in heads. As I see it the only logical reason to not exercise would be if I was selling some options to pay for conversion. If the share price continues to climb then in the future I'd need to sell fewer options to fund the conversion, and so would end up with a larger number of heads.

There's not much in it though, and the lack of liquidity could leave me exposed if I ever needed to get our in a hurry. Unlikely, but you never know.