The other reason for potentially converting spinefx is if the gap does grow out to 2.3-2.4c prior to expiry (which may well happen and alluded to by ex) then the arbitrage of doing so makes it quite profitable. This is particularly so as I expect that the heads price will continue to climb after the expiry date in the lead up to IW2 reopening. The only big risk is the out of left field capital raise before IW2 opening which results in a SP drop. Some guidance from the company on financing plans for the next 4-6 months will be one of the things I will be looking for over the next couple of weeks.
Exercise options, page-9
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