Surely the the directors won't be in a rush to convert? They...

Surely the the directors won't be in a rush to convert? They will always have access to an option of 20% ish of the co.

I see this as a takeover target come BFS and the recent appointments validate the theory.

Would you rather:
- convert now and stump up a bunch of your own cash
- place the 50 million to an insto, get enough cash at bank to aggresively advance SA, Tas and perhaps also Cameroon and then sit back without any of your own cash in and have someone buy your options as part of a takeover?

I'd go for door number 2.