He sold the XST head shares of 5 million units and converted 5 millions options....only a slight change. He used the profit to pay for the options to convert 5 million shares...you will need to look at the direct and indirect holdings....his direct holding has actually increased. Pretty standard for management to sell abit of holding to pay converting options....the only time you would be worried is when they sell down most of their holdings.
Ann: Appendix 3Y - D McArthur, page-5
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