Ann: Cleansing Notice & Appendix 2A Exercise of Options, page-4

Its 20,000 plus options, which means due to the 1 to 16, they would have owned 350,000 before the capital raising.
Any insiders i believe have alot more than that and i wouldnt see the point in only exercising some of your options.

Back in jume qhen the origonal posco announcement came through the sp jumped to almost 9 cents before coming back dowsn. This announcement will be huge compared to that one.

my thinking is somone is exercising their options now before a capital raising, in order than to maybe sell after the announcement to make a good quick profit if share price goes up.

just my opinion but its the only reasonable explanation i can see