Ann: Cleansing Notice - Exercise of Unlisted Options, page-9

still trying to find details, but I suspect part of the explanation lies in the difference between the number of options exercised and the shares issued which looks to be in the same ratio as the exercise price relative to market value, almost like the company has funded the conversion through not issuing the full 8.8m shares, thus possibly there were no loans taken to convert the options.

Obviously the employee may still want to sell the shares for cash, but may also like to hold for the 12 month CGT discount… at least no loans to repay would take some pressure of selling.