Typically options can be converted to shares at any time before expiry. Companies sometimes do it in weekly or fortnightly batches depending on how many ppl are wanting to exercise the options.
Though if price of heads go up, in-the-money options usually go up by the same amount so you could sell options on market, get same profit, and do it without coughing up the exercise price (3.2c in the case of cleo)
Typically options can be converted to shares at any time before...
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