as per the text book maybe, but in reality not so. Filling out...

as per the text book maybe, but in reality not so.

Filling out forms, waiting for issue, can take many weeks especially over xmas.

With the share price for most of DEC under the X price you either believed in the outlook or not and i suspect that with most of the option holders being from the last cap raise with entry price at 2.7 and a 2:1 option entitlement most didnt want to go overweight.

Obviously if you could simply exercise, pay, convert, sell at a guaranteed 3.1 vs 3 X price you would but it simply doesnt work that way