To be fair though, if you did not HAVE to convert options now then why would you?
I'd never convert and sell at the bottom of a down trend unless I really had to, when you could start the CGT clock and sell at the top of an uptrend in a year from now.
So whilst a few mill shares have been added to the issue, the volumes going through trade each day now clearly shows the holders of the newly acquired shares are by and large holding onto them.
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