But this can only be a positive for us shareholders. He is...

But this can only be a positive for us shareholders. He is signalling to us that even if the SP drops and stays below the 25c strike price before the 8th he is in. By converting now he is giving up his optionality.

If the SP is just under 25c I will most likely convert because as @search111 mentioned it is going to be hard to build a large position on market post the CR, but if it well under then nobody sane will convert including Marc. If he wants to buy in he will buy on market and participate in any future CR.

Anyway it is looking likely that we will be over 25c come March so I am sure he will buy his options. If he was short of cash or had any doubts about EGA he would not have spent any money now on the unlisted options.