Of course option holders would convert now, especially if they knew that good news was coming...it would lower their capital gains substantially.

Conspiracy theorists would suggest that that share price is being held down so that management can exercise their options at low capital gains, which could be true, but I don't think they think about it too much; I can see PC doing it because he is out of the picture now and might as well as his insider information is getting more stale daily.

This too will come to an end (I can't wait!) but is a necessary evil associated with options.