chart, page-13

If the price sags then you are paying a premium and the oppie sellers probably still won't turn up.

To stage manage this you need to create a trading psyche for the oppie holders. Keeping the price at 12.5 only gives them the thought of giving up and not even bothering at looking at the market.

You need to get the price up a little bit more, where the oppie holder now has to think about the opportunity to convert but is unsure of the risk of the lag in getting the shares. Then he will turn to the market to see any opportunities there.

Personally I would expect that most oppie holders have a large number and do not have the readies to convert to shares, so aiming for a higher share price is the way to go as it will have little consequence for the oppie price.

Then the oppie holder will sell to the market and the buyer can get them for whatever.