Anytime! I've only converted options once, I have traded the...

Anytime! I've only converted options once, I have traded the other times. In my experience with exercising options, I was able to do this via EFT / BPAY (was set up by the company). Once payment cleared, I think the heads appeared in my Computershare account 1-2 business days.

Why would you want to sell after conversion? If I was planning on selling, I would sell the options without converting. Saves paying the conversion price. Also if you've held your options for over 12 months, you qualify for the 50% CGT discount. Exercising your options and converting to heads resets the CGT clock, resulting in paying more tax.