Sure, if the SP was higher people might convert their...

Sure, if the SP was higher people might convert their THCOs...but more likely they'd just sell them and book some profit or minimize their losses since they've been on the decline for ages now.
Imagine around the 15th Dec if the share price was still 44c but the options were trading 0.001/0,002 with about 30 million on the offer as everyone heads for the door and 10,000 on the bid...
All the poor bastards who've watched their options portfolio approach zero over the past 30 months while THC promised to be the gorilla in the room and delivered nothing will probably figure they can maybe save a few cents of notional value by converting to FPOs,,,
Given that there's no reason to think THC will announce anything between now and XMAS i know which scenario seems more likely...