Theoretically management could buy on-market a lot cheaper than...

Theoretically management could buy on-market a lot cheaper than converting oppies, of course not all of them but some. Should the oppies expire unconverted then management can always issue new ones to themselves. It is a usual thing, that's why I don't rely on management holding oppies too. On top of that, conversion needs money to do so, a sudden sp rise a week before expiry - for example - would see not many converted as many oppie holders won't be prepared to have funds organised unless selling heads to free up cash sending the sp lower.

To get the oppies over the line and receiving cash to move forward management must anns something very positive "yesterday". Every day that is passing by will make it less likely.

Avi is able to pull things off - NVA is proof - but he / they must deliver immediately.