Ann: Change of Director's Interest Notice - JE & CW, page-64

I guess that depends on how you look at exposure. As far as I'm concerned, Options aren't exposure until they are converted because you can't vote with them, or receive dividends with them. I bought options to maximise my future exposure, which I have just exercised my right on my final options holdings.

I have no issue with what he did at all, on any level. If I didn't have an unexpected change of circumstances 2 weeks ago, then I would be in exactly the same boat - selling shares to convert options. When you dump on what he has done, you are dumping on your fellow investors who find themselves having bought options way back when, with the same strategy in mind.
A year ago this week I sold to convert B's and fund my wedding and honeymoon. What's the difference for a director?

I fear for you fourdollars. I truly hope that all other aspects of your life are not overrun by your endless pessimism shown towards IMU.