Ann: Appendix 3Y - D McArthur, page-16

For myself, i dont see this as a problem...most companies on the ASX will come across this when they sell the heads to pay for the conversion of options..only time to worry is when they start selling down most of their holdings. You will find in any companies, directors are given options and sometimes they need the $$ to convert them, and in this case, lock abit as a bonus for themselves and in this case convert the same amount.