Except you don't have to convert - the options will almost...

Except you don't have to convert - the options will almost certainly be listed and can be traded for the next 3 years before there's any imperative to convert.  

Participating in the SPP does come with a risk that the allocation gets scaled back and you need to top up your holding at a higher price, but it's pretty common for the SPP price to be revisted in the weeks after the allocation, so buying more at 0.13 may be possible.

Hopefully holders will dump their options at low prices for a quick buck  - I love options, and with 3yrs to go and all the potential Altura has I think the options could be present better value than heads. You just need to buy low and be patient - low liquidity can hurt if you need to bail in a hurry.