Ann: Appendix 3B, page-8

Nothing wrong with exercising options now - everyone has their own agenda and objectives.

However, if this plays out over the next 6 months as I anticipate it will, then a conversion now might be regretted. Of course, if you aren't in the game for the next 6 months - or if you have a very different view, then it would be entirely different.

In the event of a substantial re-rate of AVL (and by proxy AVLO) on the back of a strong PFS, the option holders will be laughing as the arbiters jump in.