best quess from
http://www.imagemagick.org/script/changelog.php is 6.4.3.7
if you threshold as in my example, why is it not sharp enough. The alpha shape must be doing something like that when the alpha channel is not binary. Did you try adding -threshold?
Perhaps a better approach would be
convert alpha_extract.png \
\( -clone 0 -threshold -1 -fill yellow -opaque white \) \
+swap -compose copy_opacity -composite alpha_extract5.png
Second line creates yellow image same size as original
third line overlays the original as an alpha mask over the yellow image
This avoids the jaggies (from the thresholding) and leave the alpha channel as non-binary with its antialiased boundary