Ann: Appendix 3Y C Smith-Gander, page-24

If I was a director of AJX at this time I would be very aware of the markets perceptions/interpretations of my dealings in the stock.

Clearly some don't understand the workings of a super fund. The shares converted were in his super fund. Even if he had $150K lazy dollars hanging around he can't just plough $150K into his super fund to pay for the exercise of shares about to expire without a serious taxation hit. Most likely his only option was to sell some shares to pay for the exercise of these options or just let them lapse - which would be very stupid thing to do considering they were 15c exercise price options.