While I agree with you that it will have an impact on the SP,...

While I agree with you that it will have an impact on the SP, it's important to note that close to 100m options have already been excercised since February this year alone and the SP has still seen gains. A lot of those options are also held by long term holders who may not necessarily sell upon conversion.

In the absence of news before May next year, absolutely, a hindrance. However if a catalyst for the company is realised, who knows how it will play out.