Ann: Section 708A Notice and Appendix 3B, page-9

I think I get your point. Converting oppies in itself doesn't incur tax as far as I know but you're saying that converting early (especially at a low strike price) starts the clock on the 12mth CGT discount period which means the holder can sell their shares with tax discount in 12mths? I guess it makes sense but you'd think that benefit would be offset by the risk of converting early. The Jun-18 oppis are 60c (from memory) so I personally think it would be better to wait until closer to the expiry date. Unless of course you had clear plans so sell out before then.