The last chance to APPLY to convert your loan stock is December but nobody gets their shares until early January; close to the time of the AGM, in fact. The idea that there are a lot of new shares on the market NOW is pure fallacy. But then again there is no logic to the notion that the converted shares will influence the share price.
Obviously, after the end of December the loan stock will be worth around 0.5p again so Market Makers don't want to be stuck with unconverted stock any more than anybody else. I imagine the price will start to drop in anticipation of the end of the month.