If they don’t convert all, or at least most of their oppies, it...

If they don’t convert all, or at least most of their oppies, it will be a negative thing IMO. As you point out, the oppies represent an excellent way to load up given their likely ongoing restrictions on on-market transactions, and and at a likely premium not dissimilar to what a publicized on-market transaction would yield. Perhaps even a smaller premium than that scenario. And the directors have had multiple years notice of this conversion date, so would have had ample time and opportunity to ensure sufficient cash available for conversion. So failure to act will be telling. In the the face of a supposedly transformative next 9 months!!

Only acceptable exception for me is a slightly reduced volume of oppies converted to accommodate the slightly earlier rights entitlement that they have said they will each fully take up - if cash availability for both is an issue.