I was surprised to see a director exercise early SO asked myself...

I was surprised to see a director exercise early

SO asked myself why would the Tasmanian domiciled director exercise his opps independently tot he other directors ?

I have 5 possibilities

1. There is a attractively priced rights issue on the way

2. There is a spin off of the Silica business that MHM holders get either a free share or the first right to subscribe to

3. He intends selling some head stock for personal reasons

4. He has money now and didn't want to spend it before the opps came due

5.He is considering resigning

Any other thoughts ?