You are correct Dave
You have the option (but no obligation) to exercise / convert the options for 75c anytime before 15 June - they convert from LKEOC to LKE ordinary shares
Each will have their own reasons to convert or not now that they are well in the money - including the reasons you mentioned - some people will trade them (possibly exponential gain compared to LKE even though the options are trading at a discount) or convert
As noted - they’re at a discount even if bought / converted ie earlier today LKE was at 1.48 and LKEOC were around 0.66 (ie 0.66 + 0.75 convert = 1.41)
Cheers
LKE 75c options distribution, page-33
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