I converted mine a while back. From my understanding the time taken is because it costs them something like $2,500 everytime a 3b is issued, so they are bulking them up and doing the coversions monthly or so.
Think this is the reason they are encouraging cheques, because they simply hold onto them and bank them when converting.
Technically they shouldn't be doing this however believe it is in the best interests of all shareholders so best to not rock the boat.
Cobalt prices seen rising sharply as deficit balloons, page-75
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