Flip your "free" 7c SPP oppie allocation at some point for a bit of cash- some probably have already done that, most likely the placement parties.
Accumulate oppies from the get go to then flip for cash
Actively trade oppies along the journey (pretty illiquid but you could do alright if you've timed it well and had a bit of size on) - but slim pickings
Accumulate oppies to then convert to heads (either paying more cash to convert or selling heads to raise cash to then convert)
etc
For me- original plan was to get a target amount as cheap as poss, early on in the Oppie journey (with grandiose views I'd pick them up for next to nothing- like 0.001- 0.002....but no such luck!) with the view of converting (by paying more cash rather than selling down heads to fund it) to more heads at some point (probably at least beyond 40c sp (given 15.3c hurdle - 12c exercise + my avg 3.3c cost). Reasoning there being at some point I hypthesise we'll sell Grandis and part of the proceeds will come back to us as a capital return - a dividend of sorts, and the more heads, the better in that scenario (and the fact I want to accumulate as many EXR shares as possible- buying as many as we can whenever we can). Additionally- the option to perhaps sell down the converted heads to take some moola off the table or if we needed to for some reason- but there'd be a CGT implication to consider for an immediate conversion/selldown scenario I guess. I like the potential optionality if things play out as we hope they may.
But a direct answer to your question is- I reckon we'll see them exercise in dribs and drabs but probably the earliest would be a 20c sp- can't see a lot of reasoning to do it any earlier but some folk may have particular rationale to do so.
EXR Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
