Ann: Appendix 2A and Notice Under Section 708A, page-20

Except that if the shares are sold immediately the proceeds on sale would fall short of the exercise price. The SP being below the exercise price at the time. Which beggars the question why exercise options at a price higher than the current SP?

The only logical explanation I can think of is that the cashless option allows a defered sale and the exercisee expects the SP to go up before the disposal time. Otherwise, why would they not just buy on market at a reduced price?

IIRC the options last year had a strike price below the SP...