THink it just means he exercised his options, there was no third party.
So he paid the company 2.5 cents for each share and then the company listed another 670K shares on the companies registrar in return , so it increased the shares listed ie it diluted the shares value on issue.
Nice deal for him not a nice deal for us but then oppies was the form of payment for him when the company had no money to pay his sallary during the GFC.
He could have been like most directors and had the company staying a penny dreadvill but he has turned it around and is being rewarded
buying opportunity?, page-19
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