I think at current prices they would get around 70% converted,...

I think at current prices they would get around 70% converted, but that's a wild guess. From memory Contango (CTN) got in the mid 90s and their options were well in the money.

If they were to get only 50% then the NTA ends up 12c higher (ie $1.38), but the share price has been ignoring the NTA for a while so I don't know if it would make a difference.

Long term the discount will narrow but I can't see much happening until the options are out of the way, sad to say. It's surprised me over the last few weeks/months that the bigger holders have been happy to sell at current levels, particularly with 2 strong months of NTA increases.