Those 18c exercise needs close to $400k locked up and forgotten....

Those 18c exercise needs close to $400k locked up and forgotten. If she exercised, market rejoiced. Irrespective of the company progress, if she sold straight after or whenever then market sees that as negative. Also, it's hard to predict the macro market, even though she may be positive on the results, it's not a done deal and she has to update the market. But then why convert today when you can buy equivalent on market today for almost 20% cheaper. Thats like I have option to buy a truckload of strawberries from a friend for $20 while I can buy the same on market for $15. If the quality is the same, then I will negotiate with the friend down to $15 or just buy off market. (a good friend should sell for cheaper than market)

Those 12.6c options are expiring Mar 2024. She can buy them until then, if she doesn't want to sell them straight away then why outlay now and make them heads. She can exercise close to expiry.

I do agree that Director holdings are light. Below from last year's annual report. Omit ~6.3m options for Nina now expired. Pretty light for a company with 426m SOI and 57m Listed Options.