The point that I am labouring is this:investors who want shares...

The point that I am labouring is this:
investors who want shares should buy options and if CGT is a worry then convert ASAP ie 1/2 weeks.
If you are going to hold years then it's not an issue.
Then the option buyer will have the shares a cent or so cheaper than the head buyer, depending on the difference at the time of purchase, with only a few weeks extra for CGT.
If CGT is not an issue then the extra leverage is gained by converting at the due date instead of early.
Traders can trade ADO or ADOO directly as much as they want and how they want.

eg if the options at the time you want to buy heads are 5.3 cents and the heads are 7.5 cents
then buy the options and when you convert them anytime before expiry the total cost (5.3 + 1.2 ex price) is 6.5 cents which (correct me if i'm wrong)is 1 cent cheaper.