There are constraints around directors trading shares in their company and around exercising options so it could be feasible that this was done now despite the expiry being 2017 due to the flurry of activity that is forthcoming. These conditions are set out in the company's share trading policy. Given the projected news flow maybe they saw an opportunity to convert now and remain compliant with the policy.
Ann: Appendix 3Y x 2, page-12
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