John - that 10k doesn't go into my pocket, since I have to pay...

John - that 10k doesn't go into my pocket, since I have to pay the CGT now if I do that exercise. In theory, I'm 0.5 cents per share better off, but the CGT wipes that out and more. I don't have to pay CGT on an unrealized capital gain.

If I hang onto my FPOs until June, then I only have to pay half the CGT. If I convert to oppies now, then exercise them, I have another whole 12 months to wait before I get the CGT discount.

It's just not worth it - I would be well out of pocket.