I know, but why would you convert them (buy shares) now unless...

I know, but why would you convert them (buy shares) now unless you intended to sell them? The option costs you nothing and you can convert when the SP is substantially higher. (Your options are further in the money)

Plus you can do something else with your cash in the meantime - hell, even just sitting it in a mortgage offset account saves you > 4% p.a and is 0 risk. (assuming you have a mortgage)