Conversion of options, page-2

A few different reasons are possible

*They've decided on a long term hold and want to start their twelve month holding period on the heads for capital gains purposes
*Think the options have traded at a discount and will convert to heads, sell and acquire options again and start process again. This was the case a couple of months ago... But I haven't seen much discount of late...
*If closer to expiry date quite often options are at a discount, so convert then sell heads for maximum price.... Unlikely here though..