Ann: Change of Director's Interest Notice, page-17

Or might be done immediately to clear the air for a positive announcement? If he had of waited, he would then be criticised as he sold into a positive announcement ...

who knows, all speculation. I am still of the view, on balance, that he is net positive on the outcome. No net cost, but risking downside now, compared to no net cost of not doing anything and leaving the options to expire.

you cannot expect people, no matter how certain to have 100% of their future tied to one stock. Just look at anyone that was in event management business ( or travel, or restaurants, or ... ) and not diversified. Millionaire to broke. Good risk management from his personal perspective.