I am certainly not trying to take anything away from the benefits of any options being converted but there is 2 sides to it, these options were essentially gifted/free and at a low conversion price you could argue they are cashing out ???. as why would you convert if you thought the share price would continue going higher without having to use your own $$$ to hold the head going forward.
Ann: Application for quotation of securities - AZL, page-8
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