This is a question for your accountant but if you want advice from an internet chat site then...
Conversion of MAKO will simply reset the date of your cap gains to now. So if you had held your MAKO for 12 months then selling them as MAKO would have the cap gains discount. Converting them today would set that date forward to today. If you then sold the MAK you received after conversion you will pay the full cap gains without discount. If you convert today and then hold MAK for 12 months, you will get the cap gain discount.
I am not an accountant but MY accountant has advised me this is the case. DYOR
converting options, page-2
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