Oppies equal opportunity, page-35

Once the SP gets moving past the strike price of 3.25c, heads and options will generally track inline with each other. ie: if heads go up 1c, options will usually go up 1c with them. At whatever price they are, you can buy more options than heads, and the more units you have of either, the more x 1c increase you make.

With the current long expiry date there is simply no urgency to convert them to heads. You can capture all the SP movements (rocketing up or down) with the options.. but with more off them than you could with heads.

The only real reason to convert options at this point could be if: 1) you wanted to cast votes at an AGM (options do not give you voting power) or 2) there was some kind of CR announced that was only open to share holders (options typically aren't included in such offers)

Other than that, its your choice. If you really want to spend your spare cash converting options into heads a few years before expiry no one is going to stop you.. and the company will appreciate the extra funds